The cryptocurrency Cardano (\u003cc-20/\u003e) fell to the tenth position in terms of market capitalization by the end of the third quarter, after a modest performance compared to other layer one networks.
However, the network continued to maintain its strong activity, as the number of transactions on the Cardano blockchain exceeded one million transactions in the past 30 days, reflecting continued engagement from users and developers.
$0.90 level is the key to the next move:
The price of $ADA increased by about 10% during the last week, temporarily bringing the currency price to $0.875.
Cryptocurrency analyst “Ali Martinez” sees the $0.90 level as a pivotal point, where breaking through it could attract new buy orders and push the price towards $1.10 in the near term.
Analyst “A.V. Sebastian” also pointed to a technical pattern in the shape of a W that has appeared on the chart since October 3, which could pave the way for a bullish breakout above the $0.90 level and then $0.94, potentially opening the way to finally exceed one dollar.
He added that the current price is only 17% lower than this psychological barrier, considering that reaching it is possible during a strong upward phase.
Increasing institutional interest:
On the investment front, institutional interest in Cardano is increasing, as the companies “Rex & Osprey” submitted registration documents to the SEC to launch exchange-traded funds (ETFs) that include a fund focused on $ADA with allocation features.
If approved, this step could help enhance liquidity and increase the currency's presence among major cryptocurrencies.
Cardano has also recently entered corporate treasury strategies, as “Reliance Global Group” announced last month its first purchase of ADA currency within its digital asset treasury, in a move that reflects growing confidence in the network's long-term position.
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