- 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
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.