The Cardano price is up for the third consecutive day as part of the overall rally in digital currencies. ADA is trading at $1.3115, which is 10% above the lowest level on Friday. Its market cap has risen to $42.78 billion and the volume in the past 24 hours rose by 3% to $4.1 billion.
Cardano news: Cardano price, which has been in consolidation mode, rallied during the weekend as most digital currencies did. This price action was mostly because of the relatively weaker US dollar on Friday and the fact that other digital currencies also rose. Historically, most cryptocurrencies move in sync especially when Bitcoin is leading the way.
Cardano has also risen recently because of the ongoing non-fungible token (NFT) craze that is being seen as the next frontier in auctions. Ideally, these NFTs help people auction things like pictures and tweets online.
Cardano is vying to be the top platform for these auctions. Also, it has risen as the platform gets ready for smart contracts. This is the same technology that has helped make Ethereum the large network that it is today. Analysts believe that a shift to smart contracts will push more developers to Cardano.
The daily chart shows that the Cardano price has been tilting higher recently. In so doing, it has formed an ascending triangle pattern that is shown in black. It is also being supported by the 25-day and 15-day exponential moving averages (EMA) while the Relative Strength Index (RSI) has been moving higher.
Therefore, in my view, ADA will be extremely bullish if bulls can manage to move it above the important resistance at 1.3433. However, a drop below the support at $1.20 will invalidate this prediction.
