As one of the first blockchains anchored on peer-reviewed academic research, Cardano (ADA) continues to emphasize governance and decentralization.
This explains why Cardano founder Charles Hoskinson is optimistic that ADA can power decentralized finance (DeFi) ecosystems for cryptocurrencies such as Litecoin (LTC), Dogecoin (DOGE), XRP, and Bitcoin.
Hoskinson’s point of view might be based on the fact that Cardano combines security architecture, scalability, smart contract functionality, and interoperability features.
Fueling the DeFi networks of various cryptos is a welcome move since it will enhance Cardano’s adoption rate.
Is Cardano Eyeing a Surprise Move to $1?
Thanks to the general bullish momentum in the crypto market, which has seen Bitcoin soar to a new all-time high of $111,544, Cardano has reclaimed the psychological price of $0.75 with its eyes set on breaching the $0.80 zone.
According to CoinGecko data, ADA was up by 25.2% in the past month to hit $0.8 at the time of writing.
The ninth-largest cryptocurrency based on market capitalization might as well be contemplating a major leg up to $1.
Market analyst Lingrid acknowledged, “ADA is rebounding from support after an extended correction within a broad channel. Multiple range breakouts show growing bullish intent beneath resistance. Price is now coiling near a key trendline intersection. If momentum builds, ADA may finally test the major downtrend ceiling. A surprise thrust toward $0.95 could shake the market.”
Therefore, breaching the major downtrend ceiling will see Cardano soar to the psychological price of $1.
Meanwhile, Cardano whales have been on a buying spree after recently amassing more than 80 million ADA, worth a whopping $57 million.