The Cardano network's recent developments have triggered a strong price rally, with the asset making it to Robinhood's list of top gainers for the week. Cardano's ADA token has gained 10.15% in the past seven days, trading at a high of $0.4079 on March 31, 2023. This is its first appearancesince almost two months on the list.
Stellar (XLM) was the second highest gainer during the same timeframe, recording 17.2% gains. Cardano's bullish momentum is fueled by the advancements on the network, the primary being the introduction of a feature allowing users to access EVM contracts directly from their ADA wallets. The Milkomeda project is launching the feature next month, making Cardano one of the largest EVM chains by user count.
This integration exposes Cardano a world of functionalities, allowing them to directly interact with dApps and contracts powered by the Ethereum Virtual Machine without having to leave the Cardano ecosystem, and also giving Ethereum developers the ability to build on the network. This new upgrade to the network also means that transactions and operations will now be conducted with ADA rather than Ether, thus increasing the token’s utility.
Cardano Foundation’s CEO, Frederik Gregaard, engaged influential policymakers in the UK recently. He highlighted the need for the country to become a global blockchain hub and emphasized the need for offering solutions such as interoperability. These and other developments will continue to push ADA’s value, although short term pullbacks in the price of the token can be expected.
At the moment, Cardano’s Moving Average Convergence/Divergence (MACD) is above its signal line and still rising, incredibly bullish news in the long and short term. The RSI at 59.35 points to slight bearish activity, however markets remain optimistic and the bulls remain firmly in control. Investors are hopeful of a break above the $0.4 price level in the upcoming days, given Cardano’s recent advancements. Overall, Cardano is set to remain a promising prospect in the long term.
Gabrielle Cook
- 2023-04-01
Cardano Gains 10.15%, Reappears on Robinhood
Cardano's ADA token has gained 10.15% in the past seven days, trading at a high of $0.4079 on March 31, 2023. Stellar (XLM) was the second highest gainer during the same timeframe, recording 17.2% gains. Cardano's bullish momentum is fueled by the advancements on the network.
