Connect with us

News

Cardano(ADA) Price Pumps Following an Uptick in Its NFT Sector

mm

Published

on

VOC, Voice of Crypto, ADA

Key Insights:

  • Cardano is on its way to becoming one of the best-performing cryptocurrencies of this week.
  • The cryptocurrency is up by as much as 15% in the last 7 days
  • The Cardano community is also celebrating substantial gains in the blockchain’s NFT sector.

Cardano is on its way to becoming one of the best-performing cryptocurrencies of this week.

Search queries for ADA hit the roof after Stefan Berger, a member of the European Parliament, showered praises on the third-gen blockchain network after he met Frederik Gregaard, the CEO of the Cardano foundation.

Following the bullish stint on Bitcoin and several other top cryptocurrencies this week, Cardano is also one of the top performers in terms of price action and several other factors.

The cryptocurrency is up by as much as 15% in the last 7 days, after rising with enough bullish momentum to recover the beating it has taken for the better part of October.

And as if the bullish price momentum isn’t enough, the Cardano community is also celebrating substantial gains in the blockchain’s NFT sector, with the daily transaction volume reaching as much as $100 thousand at a blockchain load of 50%, according to sources.

Cardano (ADA) Price Pumps 

Formerly serving in the state Parliament of North Rhine-Westphalia, Stefan Berger is a German economist and politician from the Christian Democratic Union (CDU). He has also been a member of the European Parliament since 2019.

Advertisement

In a tweet posted earlier this week, Berger mentioned his meeting with Frederik Gregaard, the CEO of the Cardano foundation.

In the tweet, Berger mentions that it was great to meet the Cardano CEO and that “Cardano is a rocket in the crypto space”.

Over the week, ADA has also seen impressive gains in the charts. This relative 15% increase makes the cryptocurrency one of the top-performing cryptos on the market this week.

VOC, Voice Of Crypto, Chart showing price increase in Cardano daily chart

Chart showing price increase in Cardano’s daily chart | Source: Tradingview

On the daily chart, Cardano appears to be reaching overbought conditions on the RSI. It sits at 55.3, indicating that the bullish momentum may continue for a while, at least, before a reversal (possibly around $0.6).

However, on the weekly chart, the RSI signal line is closer to oversold conditions and appears on the verge of a bullish crossover.

Chart showing bullish crossover about to happen on the weekly RSI, VOC, Voice of crypto,

Chart showing bullish crossover about to happen on the weekly RSI | Source: Tradingview

Suppose a bullish crossover happens on the Cardano chart over the weekly timeframe. In that case, it may signal the start of an explosive bullish momentum that takes the cryptocurrency to the next bullish target of around $0.6 or even $1.

 Cardano (ADA) Performance This Week

Cardano’s performance in the crypto space has been impressive this week, with gains as high as 15% over the last 7 days. The cryptocurrency is also far ahead of most other cryptos, recording a more-than 150% rise in trading volume over the last day alone.

Cardano also appears to be in a mini bull run, thanks to the uptick in its NFT sector.

Advertisement

The MAYZ protocol has also added $YUMMI to their first Cardano passive investing index, according to an announcement tweet from the MAYZ protocol.

Chart showing MAYZ protocol token allocation, VOC, Voice Of Crypto

Chart showing MAYZ protocol token allocation | Source: MAYZ Protocol/Twitter

FTX’s Sam Bankman-Fried and Bitboy Argue Over ADA Listing

According to the crypto exchange, FTX’s Sam Bankman-Fried, Cardano’s listing on FTX for spot trading is “in the roadmap”.

However, the controversial crypto influencer Ben “Bitboy” Armstrong has voiced his reservations about the incoming Cardano spot listing. This week, Bitboy tweeted that Cardano’s listing on FTX may force the bankrupt crypto broker, Voyager, to liquidate all their ADA holdings.

Chipping in, the Cardano co-founder, Charles Hoskinson, has also commented on the issue. Hoskinson says Voyager’s ADA accounts should not be liquidated when FTX lists ADA. And so far, Sam Bankman-Fried has failed to give a response.

 

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Advertisement

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

Newsletter

Trending