Many cryptocurrencies note strong market momentum as of late. For some, it is essential to create a new all-time high after multiple years of rejection. Cardano, or ADA, may be on the right path according to technical indicators. There are also numerous behind-the-scenes developments worth paying attention to.
ADA Price Momentum Seems Promising
Fans of Cardano will be rather pleased with the recent price momentum for ADA. It is an asset that tends to perform well in certain cycles, including this one. With a yearly performance of nearly +2800%, there is very little reason to complain in that department. Even the technical indicators seem to confirm there may be room for further upward potential.
It is true that ADA performs rather well every time the market dips slightly. Recording higher lows is essential in the path to recovery. Surpassing the 2018 highs has happened a few times, but not in a convincing manner. Some more momentum will be required to make that happen, although the current uptrend is not looking too bad. Sustaining the momentum will be the next essential step, however.
To determine whether there is any chance of that happening, one must look beyond the price. Technical price analysis only tells part of the story. Every market is influenced by ongoing developments, upgrades, and improvements. For Cardano, a few things appear to brew behind the scenes, albeit their long-term impact can swing the market in either direction.
A Few Worthwhile ADA Developments
Several things are happening behind the scenes for Cardano. Today’s Africa Special is something many community members are looking forward to. Gaining a foothold in Africa is a major milestone for any cryptocurrency. Not too many details are known about this event at the time, yet there will be a video for users to look forward to. Broader adoption can bring more attention to ADA.
A second intriguing development is the seemingly ongoing expansion of Cardano in Japan. There is a CafeCardano in Okayama, albeit it may be closed due to current COVID regulations. Japan is another major market for Cardano, thus increasing adoption rates in that part of the world will prove beneficial.
Last but not least, a new Cardano testnet may launch very soon. Charles Hoskinson hinted at releasing Alonzo, although it is not live anywhere at this time. Launching Alonzo now would not serve any real purpose, as there aren’t many DApps ready to make use of its potential. Alonzo will play a significant role in smart contracts for the Cardano ecosystem.
Potentially Fake Debit Card Rumors
As is often the case, not all news on the internet is true. One bit of news regarding a Cardano debit card has the community divided. Some people think this will be a big deal, whereas others aren’t too certain this Embily Card is a viable product. The image in the Tweet is a Bitcoin card and makes no mention of ADA whatsoever.
Having a ADA-enabled debit card would prove beneficial for the adoption of Cardano. Making this currency easier to spend is a big step forward. Debit cards are accepted globally, making them an ideal vehicle for various cryptocurrencies. Even so, it may be challenging to get people to spend their ADA during this price momentum.
Many factors work in favor of Cardano and ADA at the moment. There is ample price momentum, combined with some intriguing developments that may benefit the long-term vision of the developers. Even then, there is still plenty of work to be done to make ADA more than a vehicle for speculators. That struggle applies to the majority of alternative crypto assets at this stage.
With a mix of good and potentially fake news, Cardano finds itself in an exciting position. The technical analysis points at higher values to come, but the markets don’t always respond rationally in this industry. The coming weeks and months will prove interesting for ADA holders, whatever may come.