Cardano ADA is Making Key Progress With Higher Highs to Come. At the time of writing, the price of the token was $0.103683. This shows that it is up by 6.84% against the USD and up by 4.40% against Bitcoin BTC.
The trading volume over 24 hours was $900,063,832 and the market capitalization was $3,225,839,182. The token has made a lot of progress within the last 24 hours and will most likely keep rising long-term. Cardano’s Charles Hoskinson and every other member of the Cardano community is confident that the developers are on track. During his latest AMA session, Hoskinson said that Goguen is going to change the game for Cardano and the ADA token.
Hoskinson said that Goguen will make the Cardano blockchain a multi-asset system. All members of the Cardano community will be able to create personalized tokens on the blockchain without any need for technical know-how. After the migration to Goguen, the Cardano blockchain will have an ERC20 token converter. Using this converter, companies will be able to move tokens from the Ethereum blockchain to the Cardano blockchain. Hoskinson believes that Cardano will become better than Ethereum after the Goguen update.
Nico, a popular cryptocurrency market analyst on Twitter, said that the ADA token is flipping the 200-day moving average level which served as resistance into support. This upside move might be a potential buy signal for ADA. In his words;
“Potential buy signal on the 1D chart as it is trying to flip ~880 sats into support (Matching EMA200 on the 1D)”, wrote Nico. “If it gets confirmed on candle close – and volume starts flowing in, then we may see some recovery toward previous High levels.”
Nico isn’t the only person who believes that the ADA token has the potential to keep rising. Another analyst, Stefan Bode, said;
“Once Cardano’s phase of weakness against Bitcoin is over, a phase of strength should follow. Today’s closing above the EMA50 should confirm its strength. Then a bull-run could run towards new highs.”
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Cardano ADA Has Increased by More Than 30% in the Last 24 Hours
- Analysts Predict That the Bulls Have Taken Full Control of the Market and a Buy Signal Might be on the Way
Over the last 24 hours, the Cardano ADA token has increased by more than 30% against the USD. The surge in the price of ADA has led to a market-wide bullish rally and the token’s surge is just the beginning as analysts have predicted higher highs near-term. The primary factors that are propelling the surge are fundamentals.
The Cardano blockchain has a lot of strong fundamentals right now. From one good news to another, the network has been making a lot of progress. Shelley was successful and all the hype surrounding Shelley has come to an end. Now, there is a lot of hype surrounding Project Catalyst and the upcoming migration to Goguen.