Cardano price is rising, potentially setting up a major $ADA breakout on ADABTC

Cardano ADA Price

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Categories: Cryptocurrency

Cardano price is rising, potentially setting up a major $ADA breakout on ADA/BTC

As the price of Cardanos' native $ADA token has increased, Dan Gambardello, founder of Crypto Capital Ventures, suggests that a potentially large $ADA breakout is setting in on the ADA/BTC pair. According to data from Crypto Kitties, the price of ADA is up more than 1%over the past hour, and is up nearly 8% in total over the past 24-hour period as the cryptocurrency gains momentum and outperforms most other top cryptocurrencies, including bitcoin and Ethereum ($ETH).

The price of the cryptocurrency is rising even as the long-awaited Vasil hard fork, which is expected to deliver “massive” performance improvements to the cryptocurrency’s network, has been delayed “a few more weeks”.

Charles Hoskinson, co-founder and CEO of Input Output Global, noted that the Vasil hard fork was delayed despite the project being "code complete", which he explained that "you could probably just flip the switch and get away with it." But the team behind wanted to make sure everything went smoothly after the Terra collapsed.

According to the cryptocurrency exchange, a longer hold time “indicates an accumulation trend,” while a shorter hold time “indicates an increased momentum for the token.” Notably, Dan Gambardello of Crypto Capital Ventures has suggested that ADA may soon outperform the leading cryptocurrency Bitcoin as a “potentially huge” breakout is setting in.

Gambardello noted that we are seeing higher highs and higher lows as Cardano’s ADA gains “upward momentum” against BTC. One line to watch, he said, is the 20-week moving average, which is sitting around$0.65 to $0.70. On the ADA/BTC chart, the analyst shared, ADA is touching its200-day moving average against BTC.

Earlier this month, a panel of experts from the cryptocurrency industry predicted that the price of Cardano would rise to $2.93by 2025 and $6.53 by 2030, although experts believe that by the end of the year, the cryptocurrency will only Will trade at $0.63.

Cardano is a platform and cryptocurrency that aims to provide the fast, secure, and decentralised smart contracts of Ethereum. Cardano's goal is to build the most advanced blockchain infrastructure in the world.  Cardano ADA has been a strong performer and has been attracting attention from investors around the world who are betting on its potential future.

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