Cardano’s ADA sets $0.655 the next in sight as breakout looks sustainable

• The journey to the Vasil upgrade remains on course after the launch of the 1.35.3 node version.

• The Vasil upgrade is expected to improve the scalability of Cardano.

• Cardano token broke above key resistance at $0.52 as investors waited for the upgrade.

Cardano ADA/USD is a cryptocurrency to watch this week. It could be a matter of when and not if ADA will reach $0.655. The token was trading at $0.56 as of press time. The price was still a drop of about 2% in the last 24 hours.

ADA gains have largely been due to the anticipated Vasil upgrade. The development team issued an update on Friday indicating that the Vasil upgrade was well on course. According to the development team, a new node version 1.35.3 has been released. The team said that as long as no significant issues are experienced, the node version will trigger the upgrade.

Since the announcement, ADA has gone to clear the $0.52 resistance successfully. That comes as investors speculate that the Vasil upgrade could come as soon as this month. The upgrade will improve the scalability and performance of the Cardano blockchain.

Cardano towers above support as the token eyes $0.655

Source – TradingView

From the daily chart, Cardano is now past key resistance at $0.52. All indicators sound bullish for the cryptocurrency. The 21-day moving average moved above the 50-day moving average, a bullish indicator. Both moving averages provide support for the Layer-1 blockchain token. The MACD indicators are also bullish on Cardano.

Concluding thoughts

Cardano remains on course to hit $0.655, the next resistance level. The prediction is based on the recent breakout above $0.52 and the bullish indicators. Investors should buy now or after a slight retracement towards the support or moving averages.