Cardano has been going high in terms of price for the past few weeks. It even hit a dollar today after a long time.
Now it is left for us to understand the Cardano surge factors and what the future has in store for this cryptocurrency.
Above is the Cardano weekly chart; Cardano has been exploding lately. Things have been good for this cryptocurrency since the year began; it has moved up by 550% one r the last six weeks, which is an incredible coin for a coin with large market capitalization.
Cardano hit a dollar today; although it was rejected, we are glad the coin has even been able to test that price. We even ran into that resistance at the previous all-time weekly high close.
Will Cardano be able to push past that dollar barrier and make a new all-time weekly high close?
One thing to note is that the RSI is practically screaming "overbought," making a correction period seem very likely. This is not a problem; it is healthy for the cryptocurrency after a run-up of this sort. Cardano can relax a bill and prepare for the next big rally.
It will be very bullish if Cardano ADA closes above a dollar by the end of this week.
Several catalysts are responsible for this Cardano, really, and a few important things have been for Cardano lately.
The first is that the next era of Cardano is going to go live soon. The upgrade is going to bring tokens and smart contracts to Cardano. This means that Cardano is finally going to become a fully functioning ecosystem with applications, decentralized finance (DeFi), etc. These tokens will be live on the Cardano test net, but it will take a few months or so before being available on the main net.
Another catalyst is that the network is about to become decentralized fully. On the 31st of March, the development firm behind Cardano, IOHK, will give up all control over block production, and the community will solely run the network.
The third catalyst is that it was just revealed that Cardano is in the final stage of talks with a significant government contract that will enable millions of new users into Cardano.
There is still an opportunity for Cardano to enjoy the market and make its mark on the crypto economy this year since Ethereum 2.0 has not yet been launched.
