This surge came despite Bitcoin’s (BTC-USD) rangebound trading, which has kept the broader market in check
Cryptocurrency token ADA, the native token of the Cardano blockchain, saw a significant surge in the past 24 hours, rising over 12% and outperforming other major cryptos. This development comes despite Bitcoin’s largely rangebound trading, which has kept the broader crypto market in check.
According to CoinDesk, there wasn’t a specific catalyst that drove ADA’s impressive rise. However, there seems to be a growing sense of optimism surrounding the token, which may have contributed to its strong performance.
As we look ahead, there’s potential for ADA to continue rising. Some analysts, like CoinDesk’s Omkar Godbole, see the token possibly increasing by another 30%. Here’s what Godbole had to say about ADA’s outlook:
“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.”
This momentum is further supported by technical analysis, which shows that ADA could continue climbing.
Cardano is set to undergo several key developments, such as enhancements to scalability and interoperability, which could fuel further growth. Moreover, traders are excited about the upcoming decentralized financial ecosystem, especially as it relates to Bitcoin.
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