The Cardano price has jumped by 6.5% in the past 24 hours, rising to $0.398991 after Charles Hoskinson publicly reached out to OpenAI founder Sam Altman about a possible partnership.
ADA is now up by 14.5% in the past fortnight and by 56% in the last 30 days, with the altcoin also having gained by 62% since the beginning of the year.
While there is no indication whatsoever that Altman will actually take Hoskinson up on his offer, the latter underlines the growth in Cardano’s stature over the past year or so.
And such growth is likely to continue translating into a rising Cardano price, which could have a big end to 2023.
ADA’s indicators look very promising at the moment, suggesting further gains to come in the very near future.
For instance, its relative strength index (purple) has just risen above 70, indicative of considerable buying pressure and also consistent with more price rises.
It’s also bullish that the altcoin’s 30-day average (yellow) continues to climb steadily above its 200-day (blue), with the indicator having more space to continue rising.
That said, ADA’s 24-hour trading volume remains relatively modest at $300 million, up from around $130 million in the middle of October.
This is noteworthy, as is the fact that whale alerts rarely flag big ADA transactions, despite doing so fairly regularly for ETH, XRP, SOL and other altcoins.
This would suggest that ADA has yet to become a big trading vehicle for large investors, something which could be taken as a bearish sign.
Still, ADA’s fundamentals remain promising, and point to a higher price for the coin.
Such a higher price would also follow if Sam Altman ever takes Charles Hoskinson up on the latter’s offer to work on decentralized large language models for Cardano.
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