Programmable blockchain Cardano’s ADA token surged 12% in the past 24 hours to lead gains among major cryptocurrencies, and bitcoin (BTC) trading within a range weighed on the broader market.
ADA surpassed the dollar, a three-week high, as BTC, ether (ETH), Solana’s SOL, and dogecoin (DOGE) added less than 2%. The CoinDesk 20 (CD20), a liquid index that tracks the largest tokens by market cap, rose 1.57%.
Traders expect bitcoin price action to remain range-bound through the end of January, with gains expected starting in February when President-elect Donald Trump takes office, as a CoinDesk analysis previously noted.
ADA’s push did not come thanks to an immediate catalyst, but the protocol is expected to see several fundamental developments in the coming months. These include a decentralized financial ecosystem focused on bitcoin and ongoing efforts to improve Cardano’s scalability, network performance, and interoperability with other networks.
Price chart analysis suggests additional gains of up to 30% for the token ahead.
“ADA’s three-day surge has lifted prices above a trend line characterizing the four-week pullback from early December highs,” said CoinDesk analyst Omkar Godbole. “The breakout and a renewed bullish crossover in the MACD momentum indicator suggest the possibility of a retest of the December 3 high of $1.32.”
“The widely followed 14-day RSI is looking to break through a descending trend line, validating the bullish price action,” Godbole added.
In technical analysis, MACD (moving average convergence and divergence) indicates momentum using average prices over a period, with a bullish crossover signifying a potential price increase. RSI (Relative Strength Index) measures the speed and change of price movements; and breaking through a trend line suggests a continued upward movement.
