The Cardano price joined other cryptocurrencies in a spectacular rally that pushed it to its highest level since April 2022. ADA surged by over 200% in November, making it one of the best-performing layer-1 tokens in the market.
ADA Constitution event coming up
Cardano’s price jumped ahead of a major event between December 4 and 6 in Nairobi and Argentina. In the event, members of the Cardano community will meet and vote for the network’s constitution, the first time such an event has been held.
The Cardano Foundation anticipates that over 450 people will attend in person and that there will be 63 elected delegates. According to the website, the Cardano constitution has ten tenets that will guide it.
Some of the tenets state that the transaction costs in Cardano will be predictable and that they will not be censored or slowed down. Also, the constitution notes that all people willing to build on the network will not be prevented from doing so.
Most importantly, the constitution noted that all ADA in circulation will never exceed 45 billion, while all users of the network will be treated equally. By passing this constitution, Cardano hopes that it will be the most decentralized blockchain network in the industry.
The constitution vote will come as the Cardano ecosystem is doing well. Data shows that the total value locked in the ecosystem jumped to a record high of $620 million, meaning that the network is gaining traction.
Meanwhile, the open interest in the futures market has jumped to over $909 million, the highest level in over two years. Data also shows that South Korean exchanges are dominating Cardano’s volume, which is seen as a positive thing.
Crypto analysts believe that the Cardano price will continue doing well in the coming months as the altcoin season starts. Data shows that we are still in the Bitcoin season, as the figure stands at 61. The index has moved from last month’s 28, meaning that it is on a path to 75.
Cardano price analysis
The weekly chart shows that the ADA price has been in a strong bullish trend in the past few weeks. It has now jumped above the key resistance level at $0.80, its highest level in March this year.
The coin has rallied above the 50-week Exponential Moving Average (EMA) and the strong pivot reverse point of the Murrey Math Lines. Also, the Relative Strength Index (RSI) and the MACD indicators have pointed upwards. Therefore, the coin will likely continue rising as bulls target the extreme overshoot level at $1.500.
