“Full moon” ahead for Cardano as ADA rallies 26% in a week

cardano ada
image from medium.com

Key Takeaways:

  • ADA, the in-house token of smart contract platform Cardano, gained 26% in a week, breaking above a crucial resistance.
  • A crypto analyst saw more gains ahead for the digital asset, based on the weekly chart.
  • Charles Hoskinson, the CEO of IOHK, the company behind Cardano, sketched the upcoming year’s roadmap.

YEREVAN (CoinChapter.com) – ADA had a bullish Christmas and reached a three-week high of $1.56 on Dec 27. The digital asset broke through a significant resistance-turned-support bar at $1.47-1.52 after a brief halt on Dec 24.

Cardano (ADA) daily chart. Source: ADAUSD on TradingView.com
ADA/USD daily price chart. Source: TradingView.com

Before the recent uptrend, ADA consolidated above another crucial support ($1.19) for two weeks. During the consolidation period, the token also sought support from a trendline that has been relevant for almost two years. The double-retest could send the token higher in the upcoming months.

Cardano (ADA) retested a crucial support. Source: ADAUSD on TradingView.com
ADA/USD retested crucial support. Source: TradingView.com
Also read: Cardano's (ADA) price could hit $1.60, despite the 46% quarter-to-date loss.

Additionally, the weekly chart hinted at a bullish year ahead.

ADA weekly chart

A crypto analyst with the Twitter handle il Capo Of $NOIA shared his optimistic predictions for Cardano. They noted that ADA flipped a significant resistance bar at the previous high of $0.98 into support in 2021. Moreover, after repeatedly retesting the bar, ADA could be poised for a new leg up to reach $3-4 again, and in due time $10.

Also read: Cardano's first decentralized exchange launch boosts ADA price.

Additionally, the analyst offered the chart he drew up in 2020, with an uptrend prediction that foresaw the uptrend in 2021.

Moreover, Cardano’s chief executive announced the roadmap for the upcoming year.

What’s ahead for Cardano?

Looking back on 2021, Cardano’s CEO Charles Hoskinson asserted that “Cardano’s awareness grew exponentially.” He noted that Cardano hosted issuance of over “two million assets,” most of it being NFTs. Moreover, 127 projects build decentralized apps on the network, and 20-30 dApps could run within Q1.

He added that the company has a few primary guidelines for 2022 and pinpointed “building more institutions” as one of the goals for the year, as well as launching a formal open-source project structure.

Next year, what’s going to happen is that a formal open-source project structure is going to be formed, kind of like Hyperledger to Linux. We’re going to see many institutions wired in, and all the people that are currently working on it will be novated over, including me.

He said during a YouTube live.
Also read: PlanB's Bitcoin S2F model risks becoming "meme" over failed $135K BTC target.

The CEO also added that empowering African nations will be the coming year’s focal point. Financial inclusion remains a struggle for many countries on the African continent. Cardano proposes to help the situation by introducing blockchain technologies to the communities.

My goal for the second half of 2022 is to figure out how to put all the pieces together to get an end-to-end microfinance transaction on Cardano.

So that a real person in Kenya or somewhere with a blockchain-based identity and credit score, stablecoin on the other side, Cardano is the settlement rail. Peer-to-peer, person-to-person, click a button, loan goes to them. They pay it back, (and it) goes to the other side,” he said

said Mr. Hoskinson.

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Cardano, “Full moon” ahead for Cardano as ADA rallies 26% in a week

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