Why is Cardano (ADA) Price Up?

January 11, 2024

The native token of the Cardano blockchain, ADA, has mounted a relief rally over the past day as the crypto market applauds the first Bitcoin ETF listings in the US.

Key Drivers

According to crypto traders:

ADA price broke back above key formation support near $0.52.
The move comes on the heels of the Bitcoin ETF approval.
Trader Crypto Yapper sees potential to retest overhead resistance.
Sebastian spies a bullish higher high unfolding targeting $1.

The timing of the ADA pop coinciding with a momentous day for Bitcoin adoption hints that optimism is reverberating more widely. To this point, altFINS highlights ADA remain in a core uptrend with solid support now forming around $0.46.

As a top 10 cryptocurrency closely correlated to Bitcoin’s fortunes, Cardano appears to be benefiting from the boost in enthusiasm and risk appetite lifting the broader digital asset space this week.

With upside momentum accelerating as ADA reclaimed the $0.52 level, the door looks open for a full rotation back toward the breakdown point around $0.65. A clean break above there would negate the recent bearishness and offer upside openings toward the $1 milestone cited.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

Of course, sustaining positive momentum has proven difficult for cryptos amidst the volatile swings dominating 2023 so far. But with its strong technical posture, ADA looks to be capitalizing well on this week’s catalyst, reprising its role as a leading altcoin behind Ethereum in market value and growth prospects.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

Visit eToro Now

Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.