Cardano price has been in a strong bullish trend in the past few weeks helped by the strong performance of SingularityNET. $ADA crypto soared to a high of $0.3352, the highest point since January 9. It has soared by more than 37% from its lowest point in December while Singularity’s AGIX has soared by triple digits.
SingularityNET demand soars
Cardano price has jumped this week helped by several factors. First, a quick look at its ecosystem shows that most dApps have seen significant inflows. Its total DeFi TVL has surged to more than $68 million. MinSwap, the biggest Cardano DeFi has jumped by over 12% in the past 30 days. Indigo, WingRiders, SundaeSwap, and MuesliSwap have seen their TVL soar by more than 40% in the same period.
Second, other apps in Cardano’s ecosystem have done well. A good example of this is SingularityNET, an AI protocol in the ecosystem. The number of its users has risen sharply, which has helped push AGIX price to the highest point since November. It has risen by over 200% from the lowest point in December, making it one of the top performers in the ecosystem.
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Third, Cardano’s NFT ecosystem is also making a slow comeback. In January, the total sales have risen to over $4.2 million, meaning that they will likely surpass December’s sales of $7.92 million if the trend continues. Still, it should be noted that the volume of Cardano’s NFTs peaked at $62 million in April 2022.
ADA price has also risen because of macro factors. Data published this week showed that America’s inflation dropped for the sixth straight month. This is a signal that Fed’s actions are working. As such, analysts have started pricing in Fed cuts or pivot for this year. Cryptocurrency prices tend to rise in a period of easy money.
Cardano price prediction
The 4H chart shows that ADA price has been in a strong bullish trend, as I predicted in this report. Recently, it seems like the coin has lost its momentum as it hovers near the highest point this month. Cardano has formed what looks like a bullish pennant pattern and moved above all moving averages.
Therefore, I still maintain a bullish rating on Cardano in the coming days, with the next key target to watch being at $0.35. A drop below the support at $0.31 will invalidate the bullish view.
