Cardano (ADA), one of the largest cryptocurrencies with a market value of $38 billion, has gained more than 10 percent in the last 24 hours, surpassing $1. Some data suggests that this rise may continue.
According to CoinGecko data, Bitcoin, Ethereum, XRP and Solana prices have drawn a partially horizontal chart during the same period. Analysts think that the market may remain horizontal until the end of January and enter an upward trend as of February, especially with Trump taking office.
What sets Cardano apart from others?
While no direct reason has been given for the increase in ADA’s price, significant developments are expected in the Cardano ecosystem in the near future, including the creation of a Bitcoin-focused decentralized finance (DeFi) ecosystem and Cardano’s improvements in areas such as scalability, network performance, and interoperability with other networks.
The rise may continue
In addition to technological developments in the Cardano ecosystem, technical analysis also paints a positive picture for now. According to crypto analyst Omkar Godbole, ADA2’s rise in the last three days was enough to break above the four-week retracement line that came after the peaks in early December.
“This breakout and a new bullish crossover seen in momentum indicator MACD raises the possibility of a retest of the December 3 high of $1.32,” Godbole said. ADA is trading at $1.05 at the time of writing
Stay tuned