Cardano (ADA) gains nearly 10% today thanks to metaverse and NFT
Cardano, which has been in a downtrend for many months, has been gaining very strongly for the past week and is up almost 10% today. Cardano's gains are probably due to the official launch of the Pavia project. Pavia is a metaverse project, an NFT-related computer game that is centralized on the Cardano blockchain. Lands are traded in this game. Interestingly, this game trades its own cryptocurrency PAVIA, but everything is based on the Cardano blockchain. People associated with the Pavia metaverse indicate that success will depend on interest in Cardano. It is worth noting that this may only be the beginning of Cardano's blockchain expansion. It should also be added that Cardano is considered a competitor to Ethereum and currently ranks 5th in the digital currency market in terms of capitalization. We will publish more information about the cryptocurrency in a later broader analysis.
Looking, in turn, at the technical situation on the D1 interval, the quotes are rising for another consecutive session. Currently, the price is approaching the important resistance at 1.6140, which results from the upper limit of the 1:1 structure - green rectangle. However, in case it is exceeded, the next noteworthy mark is located at 1.8420. The zone marked in red results from the larger geometry - the largest correction in the entire downward wave (lasting from September 2021), as well as previous price reactions and the 38.2% Fibonacci retracement.
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Cardano, interval D1. Source: xStation 5
