Cardano (ADA) Hits the $0.40 Mark, Reaching a 6-Week High

Cardano (ADA) investors should rejoice since the popular altcoin, currently ranked #7 by market cap, just reached a 6-week high.

On Friday, Cardano (ADA) broke the $0.40 barrier after a 7.2% surge on the daily chart, the highest percentage gain since March 21.

ADA price movement

This positive price movement resulted in Cardano’s market cap rising to almost $14.1 billion, equivalent to 1.19% of the total cryptocurrency market cap. However, Cardano’s market cap had previously reached a high of $94.8 billion during the last bull market.

Within the last 24 hours, Cardano’s price fluctuated between $0.3743 and $0.4078. Over the past seven days, ADA has been experiencing an increase in value, gaining more than 12%. The 24-hour trading volume climbed to $622.3 million as of writing time.

It is worth noting that Cardano’s current price of $0.4075 is 86.85% lower than its all-time high of $3.10, recorded on September 2, 2021.

Cardano and EVM

Cardano users will soon have access to Ethereum Virtual Machine (EVM) smart contracts, expanding Cardano’s blockchain’s usefulness.

This feature is made possible by Milkomeda, a network that connects blockchains such as Algorand and Cardano to EVM contracts.

According to Sebastien Guillemot, CEO of Milkomeda, the platform is launching a new feature that allows all Cardano users to use EVM contracts directly from any Cardano wallet.

Cardano will be a top EVM chain next month

Milkomeda (Cardano’s EVM layer) is launching a feature allowing EVERY Cardano user to use EVM contracts directly from ANY Cardano wallet

All in pure ADA

This will instantly make Cardano one of the largest EVM chains by user count pic.twitter.com/fp6WwdFmF4

— Sebastien Guillemot (@SebastienGllmt) March 30, 2023

In addition, Milkomeda will soon offer staking rewards to all EVM users, including smart contract developers, with rewards paid automatically every five days for Cardano products built on the Milkomeda platform.

Charles Hoskinson on Cardano’s future

According to Charles Hoskinson, the creator of Cardano, nation-states may adopt the smart contract platform in the next 5-10 years.

He believes that Cardano could be used to run a principled national identity system, payment system, or central bank digital currency (CBDC) if anti-cryptocurrency forces do not obstruct its progress.

Hoskinson is confident that the Cardano ecosystem has enough resources to support the growth and adoption of such use cases.

However, he warns that some powerful entities, such as the globalist and ESG movements, are trying to hinder the progress of crypto and decentralization from maintaining their hierarchical power structure.

Technical indicators

Currently, the indicators from TradingView’s 1-day technical analyis are looking really bullish.

The summary of the technical indicators points at “buy” with 10 signals, while the moving averages are pointing at “strong buy” at 14. Oscillators are at “neutral” with a score of 9.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.