- Cardano’s breakout and bullish patterns target $1.40, with resistance at $1.20 crucial.
- Market sentiment and rising active addresses reinforce $ADA’s bullish momentum and sustained growth.
Currently, Cardano (ADA) has burst free from a bullish flag configuration on the daily chart, suggesting possible future growth. As we speak, ADA is being exchanged at $1.12, representing a notable 7.11% surge in value over the past day.
The graph illustrates extra optimistic trends, including a cup-and-handle design and an upside-down head-and-shoulders arrangement. These trends add strength to the idea that we might experience a prolonged price surge.
Should ADA successfully break through the $1.20 barrier, it might aim for the significant psychological threshold of $1.40 next.
Is Ripple’s stablecoin partnership driving ADA’s momentum?
The prospect of a Ripple RLUSD stablecoin collaboration with Cardano is causing excitement among investors.
Charles Hoskinson, the creator of Cardano, underscored the significance of stablecoins within the system, hinting at ongoing talks regarding the potential inclusion of RLUSD.
The current surge of XRP in the market might be sparking such optimism, thereby unintentionally boosting Cardano’s price trends. Furthermore, if this collaboration materializes, it could potentially supercharge Cardano’s DeFi potential, drawing in even more developers and users.
Technical indicators suggest further upside potential
Confidence in the positive direction of Cardano is strengthened by key technical signals. The Relative Strength Index (RSI) stands at 61.7, demonstrating robust uptrend momentum without crossing into overbought territory.
Moreover, the Moving Average Convergence Divergence (MACD) displayed a positive crossover, implying increasing buying strength. This trend coincides with breakout signals, hinting that Cardano’s (ADA) upward momentum may continue over the next few days.
If the momentum continues, surpassing $1.20 could pave the way for a significant price surge.
ADA rising active addresses highlight network growth
The rising number of daily active users on the Cardano blockchain is a positive indicator, indicating an uptick in its activity. On January 16th alone, there were more than 46,000 active addresses, signaling increased engagement and usage of the network.
The consistent growth in involvement suggests a growing faith in the value-generating capabilities and longevity of the Cardano system, as users become more confident in it.
As a result, the expansion of the network may be a significant factor ensuring the long-term stability of prices during this market surge.
Market sentiment points to a bullish conviction
Read Cardano’s [ADA] Price Prediction 2023-24
Will Cardano hit $1.40?
The surge of Cardano, backed by positive technical signs and growing network activity, indicates a robust upward trend. Furthermore, the possibility of a collaboration with Ripple could bolster its future reliability.
If current trends continue, I firmly believe that Cardano’s ADA token might break through the $1.20 barrier in the near future. Should this happen, it seems promising that we could potentially witness an uptrend reaching the $1.40 mark.
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2025-01-18 05:11