Cardano market update: ADA/USD gains 5% driven by solid fundamentals

Cardano ADA has been doing well recently. The coin surpassed Bitcoin SV and became the 11th largest coin with the market capitalization of $1.27M. The digital asset gained over 5% in recent 25 hours and nearly 15% in the past seven days. The impressive results make it one of the best performing cryptocurrencies out of top-20, along with Stellar and NEM.

The announcement that Cardano Foundation has become a founding member of the International Association for Trusted Blockchain Application (INATBA) might have catalyzed the price increase. INATBA will promote blockchain technology and cryptocurrency adoption in Europe.

Also, Charles Hoskinson, Cardano's founder, posted Cardano engraved Ledger wallet, stating that he had received the first device that supports ADA coins. Ledger announced Cardano integration at the beginning of February.

Cardano’s technical picture

The coin has been growing steadily since December 15. ADA/USD bottomed out at $0.0273 and gained 73% since that time. Currently, ADA/USD is changing hands at $0.0485. The strong support is created by DMA50 at $0.0421, followed by psychological $0.0400. In the upside, the local resistance is seen at $0.0500 with the recent high registered at $0.0505. Once it is cleared, then the upside will gain traction with the next aim at $0.06.