Cardano (ADA) is currently the highest gainer among the top 30 cryptocurrency projects. The coin has made gains of up to 8.4% in the last 24 hours. Meanwhile, Bitcoin (BTC) has gained 1.8% and Ethereum 3.3% in the same time frame.
ADA’s current rally follows the project’s Valentine upgrade, which allows support for Plutus SECP cryptographic primitives. The Cardano Valentine update enables programmers to construct safe, dependable, and economical cross-chain decentralized apps (DApps).
IOG (Input Output Global), the firm behind ADA, noted that interoperability is “key for blockchain growth.” The firm further stated that “as more DApps are built on Cardano, it is essential that they are not siloed to just one ecosystem, enabling users to interact with different blockchains and access a wider range of services.”
Additionally, the new upgrade may bring in new developers to the ADA blockchain. Furthermore, new use cases may even usher in new users and may lead to an increase in ADA prices.
Cardano (ADA) price prediction for mid-February 2023
ADA pushed past its resistance at the $0.3642 level after the Valentine upgrade. However, the rally might be short-lived as the sector is still on shaky legs.
Moreover, ADA’s RSI (relative strength index) is moving upwards, currently at 72.9, signaling buying pressure. With an upward-moving price and an upward-moving RSI, it is possible that ADA could see a sudden drop in prices. Moreover, with the larger financial markets still recovering, it is unlikely that ADA will continue to surge. There is a possibility that ADA could fall back below $0.3642.
Cardano’s price increased by 68% in January, peaking at $0.399 on January 31. The project saw two more days of price growth, followed by a downward trend.
At press time, Cardano (ADA) was trading at $0.385389, down by 3.8% in the last seven days. Moreover, the project is down 87.53% from its all-time high of $3.09, attained in September 2021.