Cardano (ADA) Surges 10%; This Might Be Key Reason

Tue, 30/01/2024 – 15:50

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Cardano (ADA), the eighth largest cryptocurrency by market cap, has seen a remarkable surge of 10% in the last 24 hours, reaching intraday highs of $0.67 at press time.

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The gain comes amid a larger market recovery, with Bitcoin and other cryptocurrencies also rebounding from recent lows.

ADA has been steadily rising since Jan. 26, when it struck a low of around $0.46. The rebound sustained, with ADA posting four consecutive days of gains as sentiment improved.

Data from IntoTheBlock shows that Cardano’s profitability has increased, with 50% of ADA investors currently profiting. This shows that investors believe in ADA’s long-term potential and are unwilling to sell at a lower price.

TradingView
ADA/USD Daily Chart, Courtesy: TradingView

On the upside, ADA can target a sustained break above the daily MA 50 at $0.56, which may pave the way for a climb to the $0.61 level. Buyers must break through this critical level to reach $0.67.

On the other hand, if the price falls from its current level, bears will attempt to drag the ADA price to the support level of $0.44. The bulls will strive to hold this level because if they fail, ADA may fall to $0.35.

Looking ahead, events such as the approval of the Ethereum spot ETF and the Bitcoin halving could increase overall market sentiment in the medium term, benefiting altcoins such as Cardano.

At the time of writing, ADA had eased some of its gains and was up 7% in the last 24 hours to $0.52.

Cardano news

Cardano developer Input Output has announced a strategic investment in Five Binaries’ Blockfrost. This strategic investment aims to enable the decentralization of Blockfrost’s data provisioning and mempool access services.

It also demonstrates a shared commitment to improving and decentralizing a key piece of Cardano infrastructure.

Project Catalyst, Cardano’s decentralized grant, has gathered about 1.1 billion ADA of voting power in the four days since voting began. This accounts for approximately 25% of the total voting power available to vote in F11.

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