Ken Chigbo
Independent Analyst
- ADA/USD has decent momentum and room for further bullish price action, following critically breached resistance.
- Fundamentals around the Cardano foundation remain encouraging, given recent comments from the founder.
Cardano’s ADA is running with decent upside momentum, following a critical descending trend line breach. The price was being capped by this resistance which had been in play since 19 September.
The market bulls broke above the noted resistance on 6 January and has managed to stay above. It is an encouraging technical development for further buying momentum, with room for more to the upside.
Recently, Charles Hoskison the founder of Cardano, was speaking highly of the foundation’s developments. He said that ADA will be the most predominant force in the cryptocurrency space by the end of 2020. He is also expecting it to become a true social operating system.
ADA/USD daily chart
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