David Pichodo

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

You may recall that Cardano, (ADA) traded at around $1.26 before the weekend. It reached a peak price of $1.54 in this morning. The last 48 hours have seen a 22% rise.

“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, a gaming NFT metaverse, is directly competing with the popular crypto metaverses like Decentraland and Sandbox. Pavia’s project was established in September 2021. A month later, the first sales of random-allocated land plots were announced.

The following is an extract from the press releasePavia.io was published Friday with around 100,000 plots. They are each unique NFTs that have precise coordinates.

60% of these land plots were sold between October 2021-2021. A final sale is set for the fourth quarter of 2022.

The Pavia websiteThe Cardano community’s support is crucial for the project’s success. According to the Cardano Community, there are 8,300 plot owners.

“This digital world will only succeed with the love and support of the Cardano community. Pavia.io now has over 8300 landowners. Each land parcel is a uniquely numbered Cardano NFT (CNFT) based on coordinates within Pavia.io.”

Pavia will not be using Cardano but its own cryptocurrency. If this is true, the bullish reaction was more due to the association of Cardano and the idea of metaverse rather than the anticipation that there will be an increase in demand for ADA.

Cardano Technical Analysis and Thresholds

Cardano’s hourly chart showed that it broke past short-term resistance last night at $1.42, which may have revived the buying interest. The psychological $1.50 threshold has been crossed, which is a bullish sign.

The 27-member zone is now the important next target.^ThThe psychological threshold of $1.60 and December’s peak was at $1.5910. Initial support can be seen in the $1.40-1.42 area.