ADA, the native token of the Cardano ecosystem, has been rallying over the past 24 hours. Cardano is the fifth-largest cryptocurrency by market cap, behind Bitcoin, Ether, Binance Coin (BNB) and Tether (USDT).
At press time, ADA is trading at $1.52 per coin. The major catalyst behind the rally is the launch of the first metaverse project on the Cardano blockchain. Pavia.io announced a few hours ago that it had become the first metaverse project to launch on the Cardano network.
The Pavia team said it has some 100,000 Land parcels, each being minted as a unique nonfungible token (NFT) with coordinates. The metaverse is a key component of the crypto space that gained traction in the past few months.
ADA Breaks Past its 50-Day EMA
ADA has added more than 10% to its value in the last 24 hours, outperforming the other major cryptocurrencies during that period. The ADA/USD daily chart is bullish, and the coin could rally higher in the coming hours if the momentum is maintained.
ADA is trading at $1.539, above its 50-day moving average price of $1.3343. The MACD line has just crossed the neutral zone for the first time this year. Meanwhile, the RSI of 63 shows that ADA is out of its oversold region and could soon become overbought if the momentum is maintained.
If the rally continues, ADA could surpass its first major resistance level at $1.74 over the next few hours. An extended bullish performance would allow ADA to reach the $2.0 mark for the first time since November 16.
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