Cardano (ADA) Trades Above $0.5, Hopes to Hit $1
2022.05.30 18:06
Cardano (ADA) Trades Above $0.5, Hopes to Hit $1
- ADA is up by 12% in the last 24 hours.
- BTC and other cryptos are in a relief rally.
- Cardano-Ethereum USDC bridge is now in operation.
Cardano (ADA) has attained new milestones since the last hurricane in the crypto market. Data available on CoinMarketCap shows that the price of ADA has gone up by 11% in the last 24 hours, currently trading above $0.5150. Likewise, its market capitalization is up by above 12%.
Bitcoin (BTC), the most popular cryptocurrency, trades at $30,500, up by 5%, while Ethereum (ETH) trades slightly above $1,900, up by 7%. These major gains across the markets show that the crypto market is generally in a relief rally after last week’s drop.
The price analysis for ADA indicates a bearish trend as the price remains below the moving averages. Nonetheless, a Twitter (NYSE:TWTR) analyst believes ADA could easily make it to $1 even in a bear market.
$ADA could easily rally to $1 and still be in a bear market. That said, the bottom could be in too. All eyes on the Fed as they digest increasingly negative economic news.
— Card₳no Dan ADA (@CardanoDan) May 30, 2022
Also, the Relative Strength Index (RSI) is in oversold territory, which means that the bears are still controlling the market.
In other news, the Cardano-Ethereum USDC bridge is now in operation. Investors can now use Milkomeda to bridge their USDC from Ethereum to Cardano Blockchain. Firstly, the user will convert their USDC from Ethereum to Milkomeda and subsequently to Cardano as a Cardano Native Asset.
The user must have at least four milkAda tokens in their wallets to make a swap, as needed by Milkomeda and Iagon Token Bridge. If a user does not have enough or any milkAda tokens in their wallet, they can send ADA from any Cardano wallet to the EVM wallet and receive their tokens.
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