fxstreet.com
- Cardano price started an uptrend amidst broader crypto market gains in response to the Federal Reserve’s monetary policy projections.
- Trezor hardware wallet recently added support for Cardano, fueling a bullish narrative for the altcoin among investors.
- Analysts have predicted a drop in Cardano price before posting a 20% rally.
Cardano price posted 7% gains overnight, alongside most other altcoins and cryptocurrencies, in response to the Federal Reserve’s decision on monetary policy. Analysts are bullish on Cardano and predict a price rally in the altcoin.
Cardano price breaks into uptrend with a boost in adoption
Cardano price posted gains ahead of the Federal Reserve’s monetary policy decisions. The broader cryptocurrency market posted gains after the Fed’s announcement of its first rate hike in three years.
There was a bullish reaction in equities and cryptocurrencies since the correlation between the crypto market and tech stocks has increased over the past few months.
Trezor, one of the most popular cryptocurrency hardware wallets, announced support for Cardano. News of the addition of ADA to Trezor acted as a bullish catalyst, fueling demand from investors.
Charles Hoskinson, the founder of the Cardano blockchain, commented on upcoming updates in the Ethereum-killer’s ecosystem and said that decentralized applications on the network could witness a massive boom after the Vasil hard fork in June.
The hard fork would introduce several improvements for decentralized exchanges. Proponents believe the update and the support for ADA on Trezor are catalysts for the Cardano price rally.
Analysts evaluated the Cardano price trend and predicted a rally in the altcoin. FXStreet analysts note that Cardano price dropped lower in its seventh consecutive month. Cardano price trend did not suffer consecutively for seven months, even through the bear market of 2019.
Analysts argue that oscillator and time cycle-wise, the lower Cardano price plummets, it will recover swiftly. Cardano price is primed for a 25% jump in the current cycle.