Why is Cardano (ADA) Price Up?

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.

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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.

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Sarah Wurfel
Sarah Wurfel

Sarah Wurfel works as a social media editor for CaptainAltcoin and specializes in the production of videos and video reports. She studied media and communication informatics. Sarah has been a big fan of the revolutionary potential of crypto currencies for years and accordingly also concentrated on the areas of IT security and cryptography in her studies.