Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Cardano rockets higher as the metaverse arrives on the blockchain

CryptocurrencyJan 17, 2022 10:48
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

By David Pichodo

Investing.com – With a gain of over 12% in the last 24 hours and over 30% in the last week, Cardano, the fifth largest cryptocurrency buy market cap, is by the far best performing cryptocurrency in the top 10.

Recall that Cardano (ADA) was trading around $1.26 at the start of the weekend, to reach a peak of $1.54 this morning, show an increase of 22% in the last 48 hours.

“The Metaverse Arrives on the Cardano Blockchain”

The factors behind Cardano’s outperformance compared to most other cryptocurrencies remain unclear, but it can be noted that the latest information regarding the token concerns the official announcement of Pavia, Cardano’s metaverse and NFT gaming project, via a widely circulated press release with the catchy title “The Metaverse Arrives on the Cardano Blockchain”.

Pavia is a gaming NFT metaverse that positions itself as a direct competitor to the most popular crypto metaverses such as Sandbox and Decentraland. The Pavia project was created in September 2021 and the first sale of land plots by random allocation was announced a month later.

According to the press release published on Friday, Pavia.io has a total of around 100,000 plots, each minted as a unique NFT with precise coordinates.

60% of these plots of land would have been sold between October and November 2021 and a final sale is scheduled for the first quarter of 2022.

The Pavia website, which points out the success of the project depends on the support of the Cardano community, claims that there are currently 8,300 registered plot owners.

“This digital world will only succeed with the love and support of the Cardano community. There are now over 8,300 land owners in Pavia.io. Each land parcel is a uniquely numbered Cardano NFT (CNFT) based on coordinates within Pavia.io.”

Note that the Pavia metaverse will use its own cryptocurrency, named Pavia, and not Cardano. The bullish reaction to this news (if the rise can be attributed to it) is therefore more the result of the association of the name Cardano with the concept of metaverse than of the anticipation of increased demand for ADA.

Cardano technical analysis and thresholds to watch

On an hourly chart, Cardano broke through short-term resistance at $1.42 last night which appears to have renewed the buying interest. At the time of writing, ADA/USD has also broken above the psychological $1.50 threshold, constituting a bullish signal.

In this context, the next important target to consider is the zone composed of the 27th December peak at $1.5910 and the psychological threshold of $1.60. On the downside, initial support is seen at the $1.40-1.42 zone.

Cardano rockets higher as the metaverse arrives on the blockchain
 

Related Articles

Crash in Stablecoins: Tether Loses $7 Billion
Crash in Stablecoins: Tether Loses $7 Billion By Investing.com - May 18, 2022

By Laura Sanchez Investing.com - Investors have withdrawn more than $7 billion from Tether since it briefly fell out of parity with the dollar, raising fresh doubts about the...

Weekly Comic: Terra Infirma and Untethered Tethers
Weekly Comic: Terra Infirma and Untethered Tethers By Investing.com - May 17, 2022

By Geoffrey Smith Investing.com -- The crypto world has survived a scary week, but the danger isn’t over. The seemingly unstoppable momentum of the last two years has gone,...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email