Monday, November 28

Cardano soars and unseats the crypto market: Is it thanks to Metaverse? By Investing.com



Investing.com – Shoots above double digits this morning, going against the grain of the cryptocurrency market. With a gain of 8% in 24 hours and more than 26% in a week, Cardano, the fifth largest cryptocurrency by capitalization, is by far the best performing cryptocurrency in the Top 10.

Recall that Cardano (ADA) hovered around $1.26 at the start of the weekend, and this morning it reached a high of $1.5020, up 20% in 48 hours.

“Metaverse arrives on the Cardano blockchain”

The factors behind Cardano’s outperformance against most other cryptocurrencies remain unclear, but it is worth noting that the latest ADA-related news concerns the official announcement of the launch of Pavia, the metaverse and gaming project. Cardano NFT, via a widely circulated press release with the catchy headline “Metaverse Coming to Cardano Blockchain.”

Pavia is an NFT gaming metaverse that positions itself as a direct competitor to popular cryptocurrency metaverses like Sandbox and Decentraland. The Pavia project was created in September 2021, and the first random allocation of LAND plots for sale was announced a month later.

According to the press release issued on Friday afternoon, Pavia.io has a total of about 100,000 parcels, each marked as a unique NFT with precise coordinates.

60% of these plots would have been sold between October and November 2021, with a final sale expected in the first quarter of 2022.

Emphasizing that the success of the project depends on the support of the Cardano community, the Pavia website says that there are currently 8,300 registered plot owners: “This digital world will only succeed with the love and support of the Cardano community.” “There are now over 8,300 owners on Pavia.io. Each parcel is a uniquely numbered Cardano NFT (CNFT) based on coordinates on Pavia.io.”

Please note that the Pavia metaverse uses its own cryptocurrency, $PAVIA, not Cardano. Cardano’s bullish reaction to this news (if we are to attribute ADA’s rise this weekend to it) is thus more a result of the association of the Cardano name with the metaverse concept than the anticipation of further ADA lawsuit.

Cardano technical analysis and levels to watch

A study of the hourly chart of Cardano shows that the cryptocurrency broke short-term resistance at 1.42 last night, which seems to have renewed buying interest. At the time of this writing, he is testing the important psychological threshold of 1.50. A confirmed break above this key threshold would be a further bullish signal.

In this context, the next important target to watch is the area made up of the Dec 27 high at $1.5910 and the psychological threshold at $1.60. On the downside, the first support is the $1.40-$1.42 area.

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