In the last few days, Cardano has triggered the bulls, which saw the digital asset breach above its previous trading pattern. With the bull run coming in hot, the digital asset was able to break above its first resistance level but failed to top the strongest resistance level yet. Despite the resultant fall from testing the strongest resistance level, Cardano has stayed above the $1 mark, keeping up speculations of a massive rise. Despite most people attributing the growth of the asset to natural market factors, others have said that it is due to the staking that is currently ongoing on the platform.
Cardano events push the price of the asset
Presently, Cardano now has a total of 70% of the asset in supply staked, going by a recent report from the parent company. This is in line with the launch of the Cardano Alonzo, one which many crypto proponents have called the biggest event of this year. Asides from that, Cardano is set to launch its smart contracts, a feature that would debut as close as April. These activities have been pointed out as the major triggers of the price of the digital asset other than the usual market factors.
Analysts have backed the price of the digital asset to make a massive surge when some of these events go live. Since the start of February, Cardano has been fairly bullish, as most analysts called it the coin to look out for. Since that period, the price of the digital asset has steadily climbed above the 50-day moving average. However, the asset was on course to break above the $1.02 level but quickly, say a slight decline that pulled it back.
Cardano buy signal present
A deep look at the on-chain analysis of the asset shows that its technical indicator shows that the digital asset is gradually moving north, according to its RSI. With the MACD line gradually moving close ahead of the signal line, things look like the traders have resumed buying the digital asset. The price of the digital asset is gradually close to the $1 region as it previously saw a 7% rise to bring in profits for users. The asset still maintains its position in the top five of digital assets according to market capitalization. The digital asset has also witnessed a spike in volume, which further cements the analyst’s claim of a buy. Presently, the digital asset’s main resistance level is now around $1.29, while its support is further down at $1.09.