Cardano’s parent coin, ADA, broke through a strong technical pattern widely known as an asymmetrical triangle. According to TradingView, Cardano entered the triangle in the last days of March and has been merging inside it for the past 14 days.
According to the chart, the breakout occurred early in the new trading day, with ADA rebounding to $1.2 within a few hours. The new milestone is related to the resistance line formed after three unsuccessful attempts to reach $1.25.
After the breakout, the coin also failed to reach the higher price and immediately recovered from $1.23 to $1.21. We can explain the lack of purchasing power on the first day of trading as the weekend session is traditionally less active than regular trading days.
Fundamental Development of Cardano
Previously, U.Today covered seven new use cases that will be released on the Cardano network and are expected to bring millions of flows to the blockchain-powered platform – which is expected to have a positive impact on the asset price as its usage increases. Will increase .
Previously, market-tracking services such as DeFiLIama reported massive growth in the Cardano network, with DeFi apps and projects attracting more than $200 million in ADA in less than a month.
Such a vigorous growth in TVL and the number of users fueled the ADA rally in March as the asset increased by over 55% since March 16. At press time, ADA is trading up 2% over the past few hours at $1.21, its highest point since February. 8.