The ADA currency went up 35% YTD to $0.046 and hit a new 2020 high less than 24 hours ago. These levels were last seen in September 2019.
At a market cap of $1.18 billion, ADA is currently the 12th largest crypto. At the moment, it has only dropped by 1.87% to $0.454 according to Coincodex and has managed to trade daily at a volume of $16 million in top 10 exchanges.
The current level is still a long way from its all-time high of $1.33. But there is optimism that bulls might push it near the ATHs.
Analyst Optimistic of a Bull Run
Josh Olszewicz, a prominent crypto analyst, expressed his optimism on the ADA currency with back up reasons for the same.
To begin with, Josh described ADA’s 6 month period of accumulation as the first indication for an impending bull run. He explained the period phase as a stage of consolidation with no clear trend. It is during this stage after the completion of a downtrend that traders accumulate assets. A longer period of accumulation makes the run-up even more explosive.
A second reason for ADA’s bullish case is the fact that the daily Ichimoku cloud is turning bullish. The cloud is an essential part of the indicator and when the process is above it, the trend goes up. Vice versa is also true. The bullish Ichimoku cloud foresaw bitcoin soar from $7,000 to $9,200.
The first quarter is bullish for altcoins in the current market. One of the contributing factors to the rise in prices is bitcoin chopping.
One thing that is working for Cardano is that its price continues to break above the 200 Moving Average. Any asset that trades above the 200-day MA is held to be on a long term uptrend.
Never Seen A Company So Unified-Hoskinson
On the other hand, the Cardano development side is making moves. Emurgo, a commercial arm of Cardano just partnered with the Uzbekistan government in forming a blockchain task force. The task force will help develop regulations for Security Token Offerings and Exchanges (STOs and STXs).
According to Charles Hoskinson, one of Ethereum’s founder and CEO at IOHK, the past few weeks have been illuminating. The company has seen the constant release of new updates while the Sheely incentivized test net is set to receive an update, (it’s first one) in the New Year.
Hoskinson affirms that he is yet to see a company that is so unified and moving so rapidly. He was talking about the company’s staking service and its evolving software that would ease the release of ADA to more exchanges.