Cardano Weekly Chart Puts $3 in View After CMTA Recognition, but ADA Must Break Its Descending Channel

Cardano remains trapped inside a long-running descending channel on the weekly chart, leaving ADA with an important technical hurdle before higher levels at $0.41, $0.78, $1.18, and eventually $3 can come into play. The setup arrives as Cardano gains a new institutional credential. The Capital Markets and Technology Association (CMTA) recently recognized Cardano’s CIP-0113 Programmable Asset Tokens implementation as equivalent to its CMTAT standard for tokenized shares. This means issuers can use the Cardano implementation to issue ledger-based equity securities eligible for certification under CMTA’s Tokenized Shares scheme.

Source: The Crypto Basic