Cardano’s ADA (ADA-USD) token jumped 12% in the past 24 hours, climbing above $1 and leading the pack of major cryptos. This surge came despite Bitcoin’s (BTC-USD) rangebound trading, which has kept the broader market in check. While there wasn’t a specific catalyst behind ADA’s rise, there’s a growing sense of optimism surrounding the token, according to CoinDesk.
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ADA Has Potential for Further Rise
Looking ahead, there’s potential for ADA to rise even further. Analysts, like CoinDesk’s Omkar Godbole, see the token possibly increasing by another 30%. “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,” Godbole said. This momentum is supported by technical analysis, which shows that ADA could continue climbing.
What’s Next for ADA?
Cardano is set to undergo several key developments, including enhancements to scalability and interoperability, which could fuel further growth. Traders are also excited about the upcoming decentralized financial ecosystem, especially as it relates to Bitcoin.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
