Investing.com – With a gain of 8% in 24 hours and more than 26% in one week, , the 5th largest cryptocurrency by capitalization, is by far the best performing cryptocurrency in the Top 10.
Recall that the Cardano (ADA) was moving towards $1.26 at the start of the weekend, to take off to a peak at $1.5020 this morning, an increase of 20% in 48 hours.
“The metaverse is coming to the Cardano blockchain”
The factors behind Cardano’s outperformance compared to most other cryptocurrencies remain unclear, but it can be noted that the latest information regarding ADA concerns the official announcement of the launch of Pavia, Cardano’s metaverse and NFT gaming project. , via a widely circulated press release with the catchy title “The Metaverse Comes to Blockchain Cardano”.
Pavia is a gaming NFT metaverse that positions itself as a direct competitor to the most popular crypto metaverses such as and . The Pavia project was created in September 2021, and the first sale of LAND plots by random allocation was announced a month later.
According to the press release published on Friday evening, Pavia.io has a total of around 100,000 plots, each minted as a unique NFT with precise coordinates.
60% of these plots of land would have been sold between October and November 2021, and a final sale is scheduled for the first quarter of 2022.
The Pavia website, which points out that the success of the project depends on the support of the Cardano community, claims that there are currently 8300 registered plot owners:
“This digital world will only succeed with the love and support of the Cardano community. There are now over 8,300 landowners at Pavia.io. Each plot of land is a uniquely numbered Cardano NFT (CNFT), based on coordinates in Pavia.io. »
Note that the Pavia metaverse uses its own cryptocurrency, $PAVIA, and not Cardano. The bullish reaction of Cardano to this news, (if we indeed attribute the rise in ADA this weekend to it) is therefore more the result of the association of the name Cardano with the concept of metaverse than of the anticipation of a increased demand for ADA.
Cardano technical analysis and thresholds to watch
Studying the Cardano hourly chart shows that the cryptocurrency broke through short-term resistance at 1.42 last night, which appears to have renewed buying interest. At the time of writing, ADA/USD is indeed testing the major psychological threshold of 1.50. A confirmed crossing above this key threshold would constitute an additional bullish signal.
In this context, the next important target to consider is the area composed of the December 27 peak at $1.5910 and the psychological threshold of $1.60. On the downside, the first support is the $1.40-$1.42 area.
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