ADA was trading higher in the early trading session Monday as traders piled up behind the token over its optimistic fundamentals.
The Cardano blockchain project’s native asset surged 3.3 percent to 970 sats as of 10:25 GMT. The gains followed a wild upside move the began on September 24, 2020. Since then, the ADA/BTC exchange rate had surged by up to 32 percent, hitting an intraday high at 982 sats.
ADABTC is testing its 50-day moving average as resistance. Source: TradingView.com
ADA’s gains closely followed a wider upside correction across the top cryptocurrencies. Nevertheless, the token outran its rivals by posting better profits as traders anticipated the release of Goguen, a Cardano undertaking that expects to attract Ethereum-based developers onto its blockchain.
Ethereum Killer
In an AMA on Sunday, Cardano’s founder Charles Hoskinson released new updates about Goguen. He stated that the project would transform Cardano into a multi-asset system. That would allow users to create their personalized tokens.
Goguen will also bring an ERC20 token converter, which will allow companies to migrate from Ethereum’s blockchain to that of Cardano. Mr. Hoskinson referred