After weeks of drifting, Cardano (ADA) is starting to move, and at one point was up more than 55% on a weekly basis, from recent lows around $0.15. ADA grew more than 9% in the past day, to $0.23, but has since turned the trend.
Among recent news, the Cardano Foundation invited an audit, and the results may have been favorably accepted by the community:
At this moment, it is unknown if the ADA price strength would continue, as the asset moves on to almost displace EOS by market capitalization. Altcoins still suffer sudden setbacks, and the fast recoveries are often followed by new corrections. But this time, volumes for ADA are becoming more consistent, and picking up in the past days.
The other immediate effect on the price is the listing on Huobi, which may bring in new volumes. But the risk taste for ADA is strengthening on Binance as well, where on April 16 the ADA/BTC pair was the second most active, displacing other pairs from the top spot.
Potential investors and traders see the Huobi listing as positive news, with more large exchanges following. Despite its relatively high visibility in the charts, the Cardano project is just picking up in publicity. The Asian markets are still the most active stage for ADA, and a return to $0.50 prices is expected, as a tentative prediction.
The Cardano project at this stage remains a simple blockchain, with functionalities in terms of governance and smart contracts to be added in the future. But right now, speculation is what drives the price, as well as the hope of inclusion for US-based investors.