If you have been paying attention to trading volumes on the cryptocurrency markets, there's a good chance that you may have missed trading action on alernative tokens such as Cardano, a privacy-focused digital currency with an interesting track record. Over the last few weeks, Cardano has appreciated by 57%, and this price increase has taken place organically and without the only involvement of professional traders.
Cardano is currently trading just below $1.70; this pricing level suggests that it could reach the psychological support line of $2, but this would require the participation of major investors. Day traders have not been actively involved with Cardano in recent weeks, and this probably has a lot to do with the downturn suffered by Bitcoin.
The reality of Cardano these days is that it is going through a period of positive fundamental developments. A significant network upgrade is forthcoming, and there's also the convenience of decentralized finance technology layers enhancing the functionality of the Cardano blockchain. It has also become an established fact that the development of the Cardano blockchain has been extremely active in the past few years, with more than 200 engineers and over 1,100 developers contributing to its progress.
Ahead of the upcoming network upgrade, the CDP (Cardano Development Platform) is likely to enter the list of top most cryptocurrencies in terms of network development with major upgrades to the underlying network. After a short period of stabilization, the Cardano price is likely to appreciate in the coming days. For these reasons, it seems more likely to me that Cardano will experience long term growth, and with continued support from developers, could become a good candidate for long term growth.
It's difficult to tell how long the price movement will be maintained; what will eventually happen to Cardano depends a lot on the technical market conditions. Nevertheless, the fundamental and technical developments are leading to steady growth of Cardano, and it's unlikely to suffer a drop in market capitalization. This suggests that it could potentially be one of the best tokens in the cryptocurrency space, at least with regard to privacy-focused transactions.