According to the Coin Gecko weekly chart, Cardano (ADA) gained 117% of returns in the last seven days, making ADA one of the top gaining coins for the week. ADA also got close to its previous all-time high price of 1.18$, recorded in January of 2018. The crypto is currently trading at the value of 0.95$, close to the 1$ price target with a strong possibility to reach 1$ at the present momentum. Why are Cardano spiking and which factor provided the current momentum for ADA?
Why is ADA Spiking? Cardano Scores 117% on the Weekly Chart
ADA gained positive momentum which took the crypto to new highs for the year with 117% of rises for the week according to the Coin Gecko weekly chart. ADA seems to be driven by the momentum of BTC as Bitcoin is getting close to its new ATH of 48,000$ while trading at 47,000$ and the rest of the top crypto is following with an average of 20% of gains on weekly charts. The crypto market is bullish, while ADA’s recent price surge might not be just driven by the latest Bitcoin momentum. Cardano introduced the functionality of smart contracts which pushed the price of ADA up from its price of 0.35$ recorded on February 1st, to the current price close to the previous record of 1.18$. This is probably the most exciting run for ADA since the record price in January 2018. At the current momentum, ADA has a strong chance to get past the value of 1$.
Cardano (ADA) Price Analysis February 2021
- ADA is trading at the price of 0.95$ close to its previous ATH of 1.18$
- The weekly chart is showing returns of 117% while at one point ADA went to 139%
- The lowest price for the week is 0.44$
- The highest weekly price is the current price of 0.95$
- The yearly chart is showing 1,492% of gains
Image credits: Cover photo taken from Medium
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