There is hype in the broader digital currency ecosystem with Cardano's price showing strength with major core updates.
Cardano's price has maintained most of its gains over the past 24 hours as the broader altcoin season is in play.
With the rally over the past few days, ADA has pared some of the losses recorded on various time frames. The coin also narrowed its year-to-date (YTD) loss to 10.03%.
Cardano Price and Golden Cross Setup
Data from CoinMarketCap shows that the price of ADA has increased by 5.99% to $0.8262 in 24 hours.
The coin jumped from the lows of $0.7730 to the highs of $0.8274 before settling at the current price level.
The current setup confirms the earlier $ADA price analysis, which comes with the assumption that the coin could rise to $1.
Several onchain metrics, including open interest that has previously crossed the $1 billion mark, and technical indicators, point to further breakouts ahead.
On the daily chart, it is worth noting that Cardano's price has maintained its golden cross formation, indicating that a bull market is still in play.
As shown on the chart, the $ADA has maintained a golden cross since at least April 20, with the price gaining more than 17% in the past week.
The coin has maintained its current price level following Bitcoin's retest of $100,000 amid its adoption as a reserve asset by three states in the US.
However, the Cardano ecosystem is currently undergoing a unique shift in its push to drive development and offer new products to serve customers.
Cardano ecosystem and developer pivots
In an update shared with the community, Charles Hoskinson, founder of the protocol, said that
Onchain product releases needed to be turbocharged. He specifically mentioned this when he answered questions regarding the dismissal of the contract team working on the protocol.
Using Leios as an example, Hoskinson indicated that the release timeline needs to be closer than is currently possible. Developers within the ecosystem support this narrative.
In an X post, Sebastien Guillemot, one of the core protocol developers, noted how everyone feels bullish about product delivery on Onchain.
Overall, the new shift could have a positive impact on Cardano’s price. A major highlight of this shift hinges on the Bitcoin DeFi push, of which the proof-of-stake chain is bound to be the settlement layer.
While new use cases could help sustain a breakout in ADA's price, mainstream financial products like the Cardano ETF could also change the coin's long-term prospects. However, it is not known how high the digital currency will go in this ongoing bull cycle.
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