Cardano (ADA) is trading in the green into Wednesday, although buyers have been unable to cross the key $1.30 level so far, even as several crypto experts anticipate a bull run in the cryptocurrency once the market sentiment improves. At the time of writing, ADA/USD is trading at around $1.35.

Despite its weak price action over the past few months, several experts continue to list ADA as one of the must-buy cryptocurrencies into 2022. They remain hopeful that once dApps launch on the Cardano ecosystem in the coming months, it could power a sharp uptick in users and on-chain activity, and steal some of the spotlight from other Ethereum killers in the market such as Solana and Avalanche.

Cardano’s Co-founder Believes in its Long-term Potential

In a recent blog post, Cardano’s co-founder Charles Hoskinson goes on to defend his creation, maintaining that their approach based on research and releasing new functionalities in carefully planned out phases may not get as much traction in a market driven by ‘hype’ but will make a difference in the long run. He talked about the phenomenon of the rise of memecoins in the market, insisting that unlike them, Cardano will see its adoption rise in the years and decades to come, instead of soaring over a period of weeks and months.

Like Hoskinson mentioned in his blog post, fundamental developments are taking place within Cardano’s ecosystem in a slow and steady pace. DeFi protocol on its network AdaSwap has announced a partnership with Djed, the blockchain network’s official stablecoin being developed by COTI. The partnership will not only see Djed being listed on AdaSwap but will also explore different use cases for the algorithm-based network that is in the works.

Meanwhile, the metaverse may be making its way into Cardano soon as a new project Grise Metamoonverse gears up for launch on the blockchain. Its NFT marketplace, Moonverse, will see the launch of its very first NFT collection on December 26, offering users the option to pick up digital collectibles backed by AI.

ADA/USD Technical Analysis

On the 4-hour chart of ADA/USD, almost all moving averages along with popular technical indicators MACD and momentum are exhibiting a bullish bias. Only the 200 EMA suggests some presence of sellers looming in the market.

Cardano’s price is well above the pivot point at $1.26 and buyers have managed to take out the immediate resistance at $1.33 as well. The next hurdle, as long as the buying pressure continues and strengthens, will be the second resistance level at $1.43, so let’s keep an eye on it.