BTC
96,260.32
-0.51%
ETH
3,437.60
-0.87%
XRP
2.42
+0.45%
USDT
0.99917719
+0.02%
SOL
211.44
+1.37%
BNB
699.73
-2.16%
DOGE
0.33896227
-0.58%
USDC
1.00
-0.02%
ADA
1.05
+10.53%
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3,434.72
-0.90%
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0.26223172
+0.66%
AVAX
40.54
+1.10%
TON
5.65
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22.05
-2.14%
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0.44616830
+4.19%
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0.0₄22870
+0.91%
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-2.71%
WBTC
96,094.76
-0.33%
HBAR
0.30388064
+2.95%
BCH
459.71
-1.12%
ADA’s bump came on no immediate catalyst, but the protocol is set to see several fundamental developments in the coming months.
Updated Jan 3, 2025, 9:10 a.m. UTCPublished Jan 3, 2025, 9:04 a.m. UTC
What to know:
- 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.
- 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.
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.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM,
BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
