• Cardano enjoys strong growth amid improved sentiments.
  • A sustainable move above SMA500 weekly will unlock bullish potential.

Cardano (ADA) is the tenth-largest digital asset with the current market value of $1.3 billion. The coin has been one of the best-perfroming assets with over 15% of gains in recent 24 hours. At the time of writing, ADA/USD is changing hands at $0.0515, which is 57% higher from the beginning of the year. Cardano's average daily trading volume is registered at $168 million.

Cardano is poised for growth

According to the Weiss rating agency, the project is well-positioned for further development. The experts place it higher than EOS, while some popular crypto twitter analysts note that the coin is ready for a new bullish wave. 

Thus, the crypto trade known as ‘Crypto Rand’ pointed out that ADA has broken an Ascending Triangle pattern and has already taken out has taken the first resistance are.

From the fundamental point of view, Cardano is in the process of transformation from a science project to a commercial product with both IOHK  the company behind Cardano, and at the Cardano Foundation, are engaged in product marketing and building a commercial side of the blockchain. according to Charles Hoskinson, the CEO of IOHK.

In the recent YouTube update, Hoskinson noted that  Shelley Incentivized Testnet should be released on January 29 as the team had been already working on it. Moreover, new statisitcal data on the testnet operations gathered from various sources will be published at the end of the months.

ADA/USD: technical picture

The initial support is created by the intraday low at $0.0474. It coincides with the previous top created on January 21. Once it is cleared, the downside momentum may gain traction with the target at $0.0438 (SMA200 daily) and $0.039 (SMA50 daily). This area is likely to slo down the bears and serve as a jumping-off ground for a recovery. 

On the upside, the critical resistance is created by SMA50 weekly at $0.0562. We will need to see a sustainable recovery above this area to improve the long-term technical picture. Once it happens, $0.06 will come into focus. 

ADA/UDS daily chart

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC bulls may hit a brick wall on approach to $9,800

Bitcoin (BTC) extended the recovery to trade at $9,750 at the time of writing. The first digital asset bottomed at $9,300 on February 19 amid massive sell-off and managed to regain some ground since that time. 

More Bitcoin News

Ripple Price Weekly Forecast: XRP/USD road to $0.35 mapped

As the week grinds toa halt, cryptocurrencies are rolling in a positive direction. The positive resonation comes after a couple of days that saw bulls paralyzed in the cryptocurrency market.

More Ripple News

Cardano launched hardfork OBFT; ADA/USD extends the recovery

Cardano (ADA), now the 11th largest digital asset with the current market value of $1.5 billion, has gained 2.7% in recent 24 hours to trade at $0.0590 at the time of writing.

More Cardano News

BCH/USD sprints to $380 amid development tax disagreements

Bitcoin Cash explored the region at $350 as I discussed in the previous article. However, the bulls quickly entered the market ready to buy low and push the price upwards. BCH/USD is already in the green ...

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast

BTC

ETH

XRP