Cardano price to coil up 11% as zkEVM going live triggers renewed interest in ADA network
- Cardano price is set to jump higher as zkEVM switches from beta to official this Tuesday.
- ADA sees broad investor inflow with buy-demand overtaking control.
- Expect to see, with this renewed attention, the price action to jump near 11% to the highs of March.
Cardano (ADA) price is receiving some broad attention and investor inflow as its beta altcoin zkEVM is set to go live this Tuesday after successfully rounding off the beta stage. With this renewed attention to the Cardano network, ADA price sees a substantial tailwind coming in. Expect to see some profit-taking around $0.36, while $0.388 should be the ultimate price target in this pop higher.
Cardano price to jump on zkEVM launch this Tuesday
Cardano price is experiencing an important moment on its network this Tuesday as its smaller and younger brother zkEVM is set to go live. All eyes are on the switch from beta, which should trigger some overall demand. ADA price looks profitable enough to reach at least $0.36, while $0.388 is the ultimate target with the high of March to be tested.
ADA could see some profit-taking around $0.36 as both the 200-day and the 55-day Simple Moving Average (SMA) are very close to each other around that area. Once bulls can make it through here, the upside becomes more achievable. At least a test of March’s peak should be possible, bearing an 11% gain.
ADA/USD 4H-chart
The big risk to the downside comes as investors could fear that zkEVM’s launch will fail like the airdrop of Arbitrum, which was selling off after rumors that hackers got away with $500,000 worth of tokens. Cardano price could see selling pressure on the back of that and drop back to $0.324 in search of support nearby.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
