Cardano’s ADA/USD 9% single-day rally prompted more bullish projections from analysts. The Cardano Foundation highlighted significant achievements during the year 2023.
What Happened: In the past 24 hours, Cardano surged 9.3%, reaching its highest levels since August 2022. This makes the altcoin one of the day's leading performers, with trading volume up 49.7% on the day.
Analysts are bullish, with well-known crypto analyst Ali Martinez predicting more potential upside:
Another chart analyst, World Of Charts tweeted that a breakout could lead to a rally past $0.80 in the next days.
Cardano technical analyst Sssebi noted that for the first time in weeks, Cardano broke its 200 Moving Average on the 4-hour chart:
Why It Matters: In its 2023 activity report, the Cardano Foundation highlighted its rising blockchain adoption and partnerships with enterprises, institutions, government agencies, NGOs and universities:
- Collaborating with U.S.-based sports brand Epoch Sports and Merchandise to introduce NFC-embedded lacrosse jerseys.
- Collaborating with the wine industry in the Republic of Georgia to facilitate verification of provenance, ensuring the authenticity of goods in international supply chains.
- Working with Switzerland for the Annual Global Impact Challenge, outlining how blockchain can provide sustainable support to humanitarian efforts.
Among bulish altcoin market sentiment, Cardano hopes to maintain momentum and re-enter the circle of potential "Ethereum killers."
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