Cardano tops the top 100 fastest growing asset
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- ADA technical analysis
- fundamental development of the network
According to CoinMarketCap, Cardano has climbed into the top 3 of the most profitable assets in the market as its value has increased by almost 14% over the past 24 hours, making it the fastest growing asset in the CMC’s top 100.
ADA technical analysis
According to the chart, ADA has reached the upper boundary of an extremely long falling wedge, and it may break it at some point. Earlier, U.Today covered Cardano’s ability to break out of a global downtrend and launch a fresh rally to the top.
Longer time frames such as one week are showing high upside potential due to continued declining volatility and heavy selling pressure.
The Relative Strength Index indicator hit a three-year low in May, suggesting a reversal we already saw after ADA successfully bounced off the $0.5 price support level and is now trading at $0.63. Is.
fundamental development of the network
The primary driver of current growth on ADA could be a variety of releases coming this summer, including the Vasil hard fork, the DJED stablecoin release and a full line of CIPs that will make transactions on the network cheaper and faster.
We mentioned earlier that institutional investors are giving up some of their ETH and BTC holdings and switching to Cardano due to the high future potential of the network and the relatively low price relative to the fundamental value of the ecosystem.
Earlier, the network celebrated an increase of over 350 percent in daily transactions, which suggests the adoption of the ecosystem among retail and institutional traders. Such massive growth was also fueled by the release of the first decentralized applications built on Cardano.