Cardano Price Up By 11.38% – Time to Buy ADA Coin?

• The Metaverse ecosystem is officially on the Cardano blockchain following the launch of Pavia, causing investors to buy ADA
• IDO Launchpad Coollaunch has also made an official entry into the Cardano network
• The crypto market is facing off with the bears once more

The crypto ecosystem is on a week-long prolonged interface with the bears, with the nascent industry seeing a drop from its high of $2.92 trillion in November 2021 to below the $2 trillion mark. Despite this, a few projects have shown remarkable resilience in a negative climate so far. One of such is popular Ethereum rival Cardano which has recorded an outstanding gain in the past 24 hours. This has seen several investors rush to buy ADA as the crypto market recovers.

Cardano currently averages a strong price rally above 11%. Although the Ethereum competitor is still below the $2 mark, with the crypto market on the move once more after the holiday breaks, this presents a unique opportunity to buy ADA. The project’s fundamentals so far give credence to its long-term potential.

Pavia Brings The Metaverse To Cardano Blockchain

The Metaverse is a fast-growing sub-sector, and so far, there has been an impressive turnout by legacy-backed businesses.

Two heavyweights in this fledgling ecosystem are Ethereum-based protocols Decentraland and The Sandbox. Both aim to change how we interact online and in our social experiences.

So far, Cardano has been unable to compete in this front; however, this is fast-changing. In a January 15 press release, Pavia.io, a Metaverse-focused protocol, launched on the Cardano blockchain.

While also looking to engender the growth of non-fungible tokens (NFTs) and allow users to own virtual plots of real estate like Decentraland, Pavia differs in that the protocol is built on a proof-of-stake (PoS) blockchain platform. This would naturally make the protocol more scalable and in validating transactions.

This also comes with lower energy demands and lower fees which every user wants to enjoy. Pavia has previously sold off 60% of its 100,000 unique virtual plots of land and would be completing the sales in the first quarter of 2022. So far, over 8,300 plot owners exist on the Pavia platform, and 10 million have been traded.

IDO Launchpad Coollaunch Seeks to Enable Capital Fundraising on Cardano
Further boosting ADA’s appeal is the recent launch of an initial decentralised offering (IDO) called Coollaunch on the Cardano network.

Given the issues crypto projects have in raising seed funding for their projects, Coollaunch aims to address this bottleneck by enabling crypto startups to raise capital in a fair, decentralised, and transparent manner.

Coollaunch also operates as a project accelerator and comes with multi-chain support to enable projects to raise funds regardless of their host blockchains. This way, investors can also invest in well-vetted projects easily.

Cardano Technical Analysis – Bulls Gaining Traction By The Hour

Cardano’s ADA is showing bullish tendencies by the hour on the technical front. Governance token, ADA, is trading very close to the 100-hour simple moving average (SMA) indicator price of $1.685 and the moving average divergence and convergence (MACD) flipping bullish with the green indicator souring over the sell signal.

The 14-day relative strength index (RSI) is also looking good as ADA is trading at the underbought region with a 61.82 figure.

Turning to the 20-day exponential moving average (EMA) shows more bullish waves as ADA is trading above the indicator price of $1.275 at its current valuation of $1.522, up 11.38% in the last 24 hours.

ADA is also trading above the 50% and 38.2% Fibonacci retracement levels of $1.403 and $1.477, respectively.

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