Cardano’s [ADA] price records a 2-month high following network developments

The crypto-verse were partying with the bull as the bears were nowhere to be seen. Cardano [ADA] was leading this bull run. The other assets were no less. Almost every cryptocurrency was seen bagging gains over the last 24-hours.

However, Bitcoin [BTC] was still stuck at $45K as all of its efforts to move on to $46K were shattered. Yet the king coin surged in terms of market cap and was seen making its way on to $900 billion. Additionally, the overall market cap of the crypto-verse was at $1.91 trillion. It looked as though the market would soon hit $2 trillion.

The crypto limelight was on Cardano [ADA]. The altcoin, during the time of writing, was trading for $1.77 with an 11.91% surge over the last 24-hours. Over the previous few days, the altcoin managed to bag gains of about 30% with Wednesday accounting for most of it.

Furthermore, the market cap of the asset was at $56 billion. This allowed Cardano a spot in the top five.

Cardano [ADA] one-day price chart on Binance

The one-day price chart of ADA on Binance announced the presence of the bulls in the market. The Parabolic SAR indicator formed strong sets of dotted lines below the candlesticks. This stood as a prominent line of support against any possible downtrends. The Awesome Oscillator indicator noted a bullish momentum as it laid out an array of green closing bars.

The Relative Strength Index [RSI] indicator was way over the 50 median. in the buyer’s region. The RSI marker was almost hitting 80 median which suggested that the altcoin was being overbought at the time of writing.

Cardano’s immaculate price rise was closely linked to Charles Hoskinson’s recent announcement. In his most recent YouTube video, Hoskinson spoke about the much anticipated smart contracts release and said,

We had a lot of discussions with partners and other people, and it looks like we are on track for Friday to announce the date.