Cardano’s ADA zooms above $1 as Bitcoin remains rangebound
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Cardano’s ADA jumped 12% in the past 24 hours to lead gains among crypto majors, with rangebound trading in bitcoin (BTC) influencing the broader market.
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Price-chart analysis suggests further gains of as much as 30% for the token ahead.
Programmable blockchain Cardano’s ADA token jumped 12% in the past 24 hours to lead gains among crypto majors, with rangebound trading in bitcoin (BTC) influencing the broader market.
ADA crossed $1, a three-week high, as BTC, ether (ETH), Solana’s SOL and dogecoin (DOGE) added under 2%. The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market cap, rose 1.57%.
Traders expect bitcoin price-action to remain rangebound until late January, with gains expected from February onward as President-elect Donald Trump takes office, as a CoinDesk analysis previously noted.
ADA’s bump came on no immediate catalyst, but the protocol is set to see several fundamental developments in the coming months. These include a bitcoin-centric decentralized financial ecosystem and ongoing efforts to improve Cardano’s scalability, network performance and interoperability with other networks.
Price-chart analysis suggests further gains of as much as 30% for the token ahead.
“ADA's three-day rise has lifted prices above a trendline characterizing the four-week pullback from early December highs,” CoinDesk analyst Omkar Godbole said. “The breakout and a renewed bullish crossover on the momentum indicator MACD suggest the potential for a re-test of the Dec. 3 high of $1.32.”
“The widely-tracked 14-day RSI is looking to cut through a descending trendline, validating the bullish price action,” Godbole added.
(Tradingview)
In technical analysis, MACD (Moving Average Convergence Divergence) indicates momentum using average prices over a period, with a bullish crossover meaning a potential price increase. RSI (Relative Strength Index) measures the speed and change of price movements; and cutting through a trendline suggests continued upward movement.
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