Cardano is one of the largest blockchains to successfully use ‘proof-of-stake’ technology founded by Charles Hoskinson, who is also one of the Co-Founders of the Ethereum network.
Cardano has indirectly been in 4th place, beating BNB which returned to 5th place yesterday.
The Cardano network has also reached its target of acquiring 1 Million ADA Wallets as shared on Cardano’s Twitter tweet.
pic.twitter.com/hZxMJgaiO0
- Cardano Community (@Cardano) May 23, 2021
Cardano (ADA) recently announced that blockchain will soon launch the Ethereum Converter, where this Convertor will allow users to transfer ERC20 tokens from Ethereum to Cardano.
Examining the ADA/USDT price movement chart earlier this week, the price is seen to have made a rise of more than 60% from last week’s low of $ 1.0.
From a technical point of view, the uptrend can be seen on the ADA price movement which has broken the SBR $ 1.40 zone previously and opened today’s trading above the $ 1.50 level.
If the price manages to maintain the upward momentum, the SBR (support become resistance) zone around $ 1.70 - $ 1.90 will be the target to be achieved and subsequently resume the uptrend.
The next expectation is that if Cardano can break the SBR zone at the $ 1.9 level, the $ 2.40 resistance level will be tested first before making the latest all -time high (ATH).
However, if the ADA price moves again to make a decline, the RBS (resistance become support) $ 1.40 zone will be retested before making a lower decline to the support level around the $ 1.0 price.
