Is Cardano Reacting to Mark Cuban's Investment in ADA-Based Project?
Billionaire investor Mark Cuban is no stranger to cryptocurrencies and decentralized applications. However, it has now come to light that he is also an early investor in a Cardano-based project called...
Billionaire investor Mark Cuban is no stranger to cryptocurrencies and decentralized applications. However, it has now come to light that he is also an early investor in a Cardano-based project called Book.io. According to an official tweet from the company, Cuban has also advised the firm and provided contacts.
— Book.io (@book_io) April 12, 2023As revealed on the @badcryptopod earlier, @mcuban is an early investor.
Grateful for all the advice and connections he's given us along the way.
Books.io is a project that mints NFT (non-fungible token) books on various blockchains. However, most of the NFTs are hosted on the Cardano (ADA) blockchain. The investment from Mark Cuban is meaningful, given that venture capital (VC) funding into cryptocurrency firms has significantly decreased in Q1 2023, after its peak in Q1 2022.
Read More: VC Funding For the Cryptocurrency Sector Fell 80% in Q1 2023
Cardano users now eagerly awaiting the launch of Hydra, the network’s scalability tool. The launch will allow the ADA ecosystem to compete with other zkEVM products. Cardano (ADA) has proven itself to be a worthy competitor to Ethereum (ETH), as it is one of the fastest-growing networks right now.
Cardano riding the bullish wave
Cardano (ADA) is enjoying the same bullish momentum that has permeated the market since mid-march. The asset has rallied 4.3% in the last 24 hours, and by 20% in the last 30 days. And to make things better, there may be more room for growth.
ADA, according to cryptocurrency analyst “Ali,” is on the verge of confirming a head and shoulders pattern. If ADA follows though, there is a potential for a 40% rally, push. ADA to $0.60.
ADA is currently facing resistance at $0.4191, with support at $0.4017. Breaking the current resistance level could see ADA push toward $0.4380, a level not seen since November 2022.
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