ADA could be characterized as one of the steadiest gainers among altcoins, meaning that its price action hasn’t been as erratic and inconsistent as that of the rest of the coins. Over the last 30 days, the 18th cryptocurrency has risen by 61%, which is only 5% less than the progress that it had made throughout the entire 2019.
1-year ADA chart
The coin has been rallying since the beginning of the year on the back of the stories regarding the approaching hard fork, as well as the cooperation with foreign governments, and further improvement of its proprietary blockchain solutions. In recent developments, the team behind ADA has come into agreement with the University of Wyoming regarding the joint establishments of a blockchain research lab to provide a more scientific approach to their work.
Positive outlook despite a rapid pullback
All these occurrences have exerted a positive impact on the value of Cardano, which kept chugging away to the upside without any major retracements or dips, having risen steadily from an interim resistance at $0.052, which formed in the first days of February, to the higher high of $0.072, and then the current $0.065 after an unexpected and fast drawback on February 15, which saw the market plunge by 10%+ across the board in a matter of an hour.