Cardano (ADA) Shows Positive Growth
You are witnessing Cardano (ADA), the current ninth-largest cryptocurrency with $13.6 billion worth of market cap, is trading at $0.39 backed by a 9% increase in the 24-hour volume to $370 million, CoinMarketCap data shows. Over the last fortnight, Cardano price has increased by 10% with the smart contracts token surging 62% since the beginning of the year.
Cardano Price Could Reach $1
A couple of bullish crosses on the daily chart affirm the bullish thesis in ADA price. The first golden cross pattern formed when the 50-day Exponential Moving Average (EMA) (red) crossed above the 100-day EMA (blue). A golden cross pattern serves as an assurance that it’s time for bulls to take the reins. Its impact on the token pulled ADA above the dotted descending trendline and the resistance at $0.3.
The second golden cross pattern and the most impactful occurred with the 50-day EMA moving above the 200-day EMA (purple). This formation boosted Cardano through resistance at $0.33 and subsequently the seller congestion at $0.37.
Postulating on Potential Partnership With Open AI Founder Altman
Charles Hoskinson, the founder of Cardano, seized the moment and invited the founder of artificial intelligence firm OpenAI Sam Altman to consider collaborating on a decentralized LLM. Sam Altman was fired as CEO by the board on Friday, and Altman’s recent hiring by Microsoft on an AI project makes the collaboration unlikely, despite the potential benefits to the Cardano ecosystem and ADA price.
Hot Take
While a potential partnership with the founder of OpenAI may boost the Cardano ecosystem, and the positive price growth may have you anticipating future gains, it is important to track market movements to detect upcoming trends and make informed investment decisions.
By
By
By
