Cardano has Outperformed Major Altcoins in Performance

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Cardano native token ADA is currently placed at 4th place in terms of altcoin with the highest market cap. Within the last 24 hours, the altcoin has been appreciated by 20% and reach a price point of $1.90. This new price movement is the result of ADA breaking through 3200 SAT support after a 200-day moving average followed by a 50-days moving average.

In terms of the last seven days, the price of ADA has gone up by 33%. For the longest time, ADA was attempting to break free from the 100-day MA. From a resistance of $1.50, the Cardano native token moved up to $1.70. As per the Fibonacci retracement ratio, the Cardano token climbed as high as $1.92 that coincides with a bearish and resistance level of 0.618 Fib.

Data projections shared by crypto analytics aggregator TradingView show a bearish rally for Cardano’s native token. The nearest possible resistance level for ADA with USD pair is set at $1.90. Meanwhile, the support levels in the short term lie at $1.414, $1.62, and $1.70. For the USD bracket, the buyers seem to take control of the market as per the RSI index.

In comparison with the BTC/ADA parenthesis, notable resistance levels are present at 4000, 4140, 4200, and 4300 SAT. Likewise, the support levels for BTC and ADA trade pair are strong at 3700, 3440, 3200, and 3000 SAT. The Relative Support Index or RSI for the BTC pair is going up for the first time since July.

The Cardano Foundation recently announced the publication of ADA-based tokens. These new tokens of appreciation are based on NFT technology and are called NFTAs. This non-profit initiative is a way of showing gratitude to the most dedicated ADA supporters and contributors. Cardano Foundation revealed the tokens in a new blog post.

The blog post also claims that these tokens are very different from Ethereum based altcoins as they do not depend on smart contracts. An NFTA token is minted using the CIP 721 metadata protocol. This is a dedicated improvement proposal designed for the Cardano network. A QR code is required for minting the tokens, and a special page is created to provide more information about the new Cardano token of appreciation.


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