Robinhood, a popular trading platform, listed Cardano among the top gainers in its weekly list of best-performing assets. This is the first time in almost two months that ADA made it to the list. ADA gained 10.15% in the last seven days. It also traded at a high of $0.4079 on March 31, 2023.
Cardano comes behind Stellar (XLM) on the list, which recorded gains of 17.2% within the same timeframe. ADA’s current rally kicked off on March 28 when it traded at $0.360 before recording a monthly high of $0.4079 on March 31. The asset remains bullish despite a slight retracement today.
What Might Be Driving The Current Rally
Several factors are currently driving Cardano’s bullish momentum. Here are the latest developments on the network.
Cardano’s New Wallet Feature
Cardano is set to become a top blockchain network compatible with the Ethereum Virtual Machine (EVM). The developers intend to integrate a new feature enabling users to access EVM contracts directly from an ADA wallet.
Cardano will be a top EVM chain next month
Milkomeda (Cardano’s EVM layer) is launching a feature allowing EVERY Cardano user to use EVM contracts directly from ANY Cardano wallet
All in pure ADA
This will instantly make Cardano one of the largest EVM chains by user count pic.twitter.com/fp6WwdFmF4
— Sebastien Guillemot (@SebastienGllmt) March 30, 2023
A leading blockchain developer, Mikolmeda, announced this new upgrade noting that it will allow users to interact with dApps and smart contract services powered by the Ethereum Virtual Machine (EVM.
Users can do this comfortably without exiting the Cardano ecosystem. Also, it will enable Ethereum developers to build on Cardano’s network.
Also, transactions and operations with the EVN contracts will use ADA rather than Ether, thus increasing the token’s utility. Milkomeda will also support staking activities for EVM users and integrate on-chain gaming.
Cardano Foundation CEO Meeting With British Lawmakers
Frederik Gregaard, CEO of Cardano Foundation, recently engaged influential policymakers in London with interest in UK’s blockchain future. He described the environment in the UK as an exciting time for blockchain.
This month I visited London and met some of the truly passionate and involved policymakers and stakeholders invested in the future of #blockchain in the UK. This is indeed an exciting time for blockchain! pic.twitter.com/kFlm4nBcPe
— Frederik Gregaard (@F_Gregaard) March 30, 2023
Gregaard addressed two cross-party committees with his focus on CBDCs and Digital Identity. He stated that to become a global blockchain hub, UK policymakers must be ambitious in pursuing goals such as interoperability.
Gregaard regards the London meeting as highly productive and looks forward to Cardano’s foundation’s support for blockchain development in the UK.
Cardano Price Prediction
ADA is trading in the $0.39 – $0.4 range today, gaining over 10% on its price in the past seven days. The recent developments on the network have given investors more reason to buy ADA tokens.
It is trading above its 50-day and 200-day Simple Moving Averages (SMA), a bullish signal for the long and short term.
Cardano’s Moving Average Convergence/Divergence (MACD) is above its signal line and still rising, which is bullish. Also, the histogram bars reflect the bullish energy prevalent in the market.
However, the Relative Strength Index (RSI) is 59.35, which is in the neutral zone and descending. It indicates that the bears are still active in the market, although they do not have sufficient pressure to reverse the trend.
ADA’s developmental strides will continue to push its rally despite the slight price pullback. Expect a break above the $0.4 price level and more positive price action in the coming days.
Featured image from Pexels and chart from Tradingview.com