Cardano (ADA) has mirrored Bitcoin‘s (BTC) recent surge, initiating an uptrend since BTC crossed the $43,000 mark on January 29. ADA has outperformed other top 10 cryptocurrencies in the past 24 hours, trading above $0.53, a 6% increase, while BTC hovers around $43,300, up by 2%.
Market Dynamics and Technical Indicators
Cardano’s transaction volume has seen a significant rise from $294.27 million to $538.56 million, as reported by Santiment, indicating heightened investor interest. The market’s bullish trend may continue if buying orders persist, but a shift to profit-taking could lead to a price drop.
The 4-hour ADA/USD chart suggests an ongoing uptrend. ADA could revisit the $0.55 mark depending on buyer activity. The Moving Average Convergence Divergence (MACD) at 0.0032 and the Awesome Oscillator (AO) at 0.0373 both point to potential upward momentum.
If ADA surpasses and stabilizes above $0.55, it may see a further 10% increase. While reaching $0.60 is plausible, a jump to $0.65 seems less likely in the near term.
Whales have also shown significant interest in Cardano, with a rise in transactions over $100,000 and $1 million. This could signal a growing confidence among major investors, possibly leading to further price appreciation for ADA.