- Cardano price started an uptrend amidst broader crypto market gains in response to the Federal Reserve’s monetary policy projections.
- Trezor hardware wallet recently added support for Cardano, fueling a bullish narrative for the altcoin among investors.
- Analysts have predicted a drop in Cardano price before posting a 20% rally.
Cardano price posted 7% gains overnight, alongside most other altcoins and cryptocurrencies, in response to the Federal Reserve’s decision on monetary policy. Analysts are bullish on Cardano and predict a price rally in the altcoin.
Cardano price breaks into uptrend with a boost in adoption
Cardano price posted gains ahead of the Federal Reserve’s monetary policy decisions. The broader cryptocurrency market posted gains after the Fed’s announcement of its first rate hike in three years.
There was a bullish reaction in equities and cryptocurrencies since the correlation between the crypto market and tech stocks has increased over the past few months.
Trezor, one of the most popular cryptocurrency hardware wallets, announced support for Cardano. News of the addition of ADA to Trezor acted as a bullish catalyst, fueling demand from investors.
Charles Hoskinson, the founder of the Cardano blockchain, commented on upcoming updates in the Ethereum-killer’s ecosystem and said that decentralized applications on the network could witness a massive boom after the Vasil hard fork in June.
The hard fork would introduce several improvements for decentralized exchanges. Proponents believe the update and the support for ADA on Trezor are catalysts for the Cardano price rally.
Analysts evaluated the Cardano price trend and predicted a rally in the altcoin. FXStreet analysts note that Cardano price dropped lower in its seventh consecutive month. Cardano price trend did not suffer consecutively for seven months, even through the bear market of 2019.
Analysts argue that oscillator and time cycle-wise, the lower Cardano price plummets, it will recover swiftly. Cardano price is primed for a 25% jump in the current cycle.
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
Why is Bitcoin performing better than Ethereum? ETH lags as BTC smashes new all-time high records
Bitcoin has outperformed Ethereum in the past two years, setting new highs while the top altcoin struggles to catch up with speed. Several experts exclusively revealed to FXStreet that Ethereum needs global recognition, a stronger narrative and increased on-chain activity for the tide to shift in its favor.
Bitcoins hits new record high above $94K, signals continuation of larger uptrend
Bitcoin hit new record high on acceleration above 94K on Wednesday, lifted by growing expectations for more crypto-favorable conditions under incoming Trump’s administration. Break above the top of seven-day consolidation range generated initial signal of continuation of larger uptrend after bulls paused to consolidate recent strong post-US election gains.
Cardano surges to over two-year high as on-chain metrics show bullish bias
Cardano (ADA) price extends its bullish momentum, rallying more than 10% on Wednesday and reaching levels not seen since early May 2022. On-chain data further supports this rally as ADA’s whale transaction, trading volume, and open interest all rise, reaching record levels.
Dogecoin Price Forecast: Selling pressure drops 95% as DOGE traders target $0.50 breakout
The Dogecoin price breached the $0.40 resistance on Monday, rebounding from a 15% pullback. On-chain transaction flows observed this week suggest DOGE could be on the verge of another leg-up toward $0.50.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.