Cardano (ADA) is trading in the green until Wednesday, although buyers have so far failed to break the key mark of USD 1.30, despite several crypto experts running a bull run in the Cryptocurrency expect as soon as market sentiment improves. At the time of writing, ADA / USD trading at around $ 1.35.
Despite the weak price development in recent months, several experts continue to list ADA as one of the cryptocurrencies that must be bought by 2022. They remain confident that once dApps are launched in the Cardano ecosystem in the coming months, they could create a strong upward trend in user and on-chain activity, and steal some of the limelight from others Ethereum Killer in the market like Solana and Avalanche.
Cardano’s co-founder believes in its long-term potential
In a recent blog post, Cardano’s co-founder, Charles Hoskinson, defends his creation, claiming that their research-based approach releasing new features in carefully planned phases may not resonate as much in a “hype” driven market. but will make a difference in the long run. Talking about the phenomenon of the rise of memecoins in the market, he insisted that, unlike them, Cardano will increase in size over the coming years and decades rather than increasing over a period of weeks and months.
As Hoskinson mentioned in his blog post, fundamental developments within the Cardano ecosystem are happening at a slow and steady pace. The DeFi-Protocol in its network AdaSwap has announced a partnership with Djed, the official one Stablecoin of BlockchainNetwork developed by COTI. As part of the partnership, Djed is not only listed on AdaSwap, but also various use cases for the algorithm-based network that is currently being investigated.
In the meantime, the Metaverse could soon find its way into Cardano as a new Grise Metamoonverse project is being prepared for launch on the blockchain. His NFT-Marketplace Moonverse will launch its very first NFT collection on December 26th, offering users the ability to pick up digital collectibles powered by AI.
ADA / USD technical analysis
On the 4-hour chart from ADA/ USD, almost all moving averages, along with the popular MACD and Momentum technical indicators, have a bullish bias. Only the 200 EMA suggests some presence of sellers emerging in the market.
ADA / USD
Cardano’s price tag is well above the $ 1.26 pivot point, and buyers made it to the immediate too resistance overcome at $ 1.33. The next hurdle, as long as buying pressure continues and intensifies, will be the second resistance level at USD 1.43 so we will keep an eye on it.
Source: Crypto News Deutsch