- Cardano price could post double-digit gains over the past week as the community awaits updates in the altcoin’s ecosystem.
- Milkomeda C1 mainnet, an Ethereum Virtual Machine compatible layer two is set to launch on the Cardano network on March 28.
- Analysts are bullish on Cardano price, predicting a continuation of the altcoin’s uptrend.
Cardano price started a massive uptrend, posting 25% gains within a week. Analysts are bullish on the altcoin ahead of the Milkomeda launch.
Cardano price on track to post double-digit gains
Cardano price could continue its uptrend as the community prepares for Milkomeda C1 mainnet. Proponents believe Cardano could hit a significant interoperability milestone with Ethereum, as Milkomeda goes live on March 28.
Milkomeda is compatible with the Ethereum Virtual Machine (EVM), making it a gateway to the ETH ecosystem. Though proponents have criticized the lack of decentralized applications on the Cardano network, with Milkomeda launch, layer two could boost the altcoin’s growth significantly.
In late February 2022, Milkomeda launched a testnet bridge between Cardano and the Ethereum network. The layer two protocol had collaborated with Nomad, an interoperability project to build the bridge that is now set to go live on Cardano.
Once Milkomeda goes live on the mainnet, investors would be able to send assets back and forth between the two blockchains.
Analysts have evaluated the Cardano price trend and predicted a rally in the altcoin. @AltcoinSherpa, a pseudonymous crypto analyst, has set a minimum price target of $1.25 for Cardano as the altcoin continues its uptrend.
$ADA: I think that 1.25ish comes at a minimum. Could be pullback there and would target higher for shorts. pic.twitter.com/0gIgBeQ4AH
— Altcoin Sherpa (@AltcoinSherpa) March 26, 2022
Analysts argue $1.12 is the key resistance for Cardano price; the altcoin retested the level on its climb. FXStreet analysts believe Cardano price could pull back to $1; this would provide a buy opportunity to investors. Analysts remain bullish on Cardano in the long term.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.