ADA exceeds $1, and could rise by 30%

Cardano’s programmable blockchain token ADA jumped 12% over the past 24 hours to lead gains among major cryptocurrency companies, with range-bound trading in Bitcoin (BTC) weighing on the broader market.

ADA crossed $1, a three-week high, as BTC, Ether (ETH), Solana’s SOL, and dogecoin (DOGE) added less than 2%. Broad base CoinDesk 20 (CD20)The Liquidity Index, which tracks the largest coins by market cap, rose 1.57%.

Traders expect Bitcoin’s price action to remain range-bound until late January, with gains expected from February onwards as President-elect Donald Trump takes office. CoinDesk analysis previously noted.

The ADA bump didn’t come without an immediate catalyst, but the protocol is set to see several fundamental developments in the coming months. These include a Decentralized finance centered around Bitcoin The ecosystem and ongoing efforts to improve Cardano’s scalability, network performance, and interoperability with other networks.

Price chart analysis indicates additional gains of up to 30% for the token in the future.

“ADA’s three-day rally lifted prices above the trend line that marks the four-week pullback from the early December highs,” CoinDesk analyst Omkar Godbole said. “A renewed bullish breakout and crossover on the MACD Momentum indicator indicates a possible retest of the December 3 high at $1.32.”

“The widely tracked 14-day RSI is looking to break through the downtrend line, validating the upward price action,” Godbole added.

In technical analysis, MACD (Moving Average Convergence Divergence) indicates momentum using average prices over a period, with a bullish crossover meaning a potential increase in prices. The Relative Strength Index (RSI) measures the speed and variability of price movements; A break in the trend line indicates continued upward movement.