Key Notes
- Analysts say the recent ADA price breakout could open a path toward another 56% upside to $0.67.
- ADA’s 4-hour chart shows an inverse head-and-shoulders pattern, supported by a bullish MACD crossover.
- Cardano founder Charles Hoskinson praised the launch of Midnight, calling it the most significant event in the project’s history.
Cardano’s native cryptocurrency ADA
ADA
$0.46
24h volatility:
3.5%
Market cap:
$16.96 B
Vol. 24h:
$1.44 B
has been dominating the broader crypto market rally.
The ADA price is up 10% in the last 24 hours and is currently trading at $0.47. Founder Charles Hoskinson also praised the Cardano Midnight launch, the blockchain’s zero-knowledge privacy network.
ADA Price Stages Strong Breakout for Rally to Continue
Today’s 10% upside in Cardano price comes along with a 150% surge in daily trading volume, to $1.58 billion. This shows that the trader sentiment remains bullish for the rally to continue ahead.
Popular crypto market analyst Captain Faibik has confirmed that ADA price has staged a strong breakout from the descending resistance line. This breakout comes amid strong accumulation in the $0.41-$0.43 range, thereby signaling continued buying interest.
As per Captain Faibik’s analysis, the breakout from the descending trend line could unlock another 56% upside from the current levels, to $0.67. This strong breakout from the multi-week resistance has boosted the chances of the ADA price recovery.
Cardano’s 4-hour chart is also displaying a bullish inverse head-and-shoulders formation. Momentum indicators reinforce the constructive outlook.
The MACD line has crossed above the signal line, offering strength for the upward momentum to continue.
A confirmed breakout above the neckline would activate the pattern, with initial upside targets at $0.48 and $0.52, the levels that align with Faibik’s broader bullish projections.
Cardano showing an inverse head and shoulder pattern. | Source: TradingView
The recent contribution of a 70 million ADA treasury allocation by Cardano core contributors could further aid the ADA price rally from here.
Charles Hoskinson Praises Cardano Midnight Launch
Cardano founder Charles Hoskinson recently praised the Midnight launch, a zero-knowledge privacy network that has reached 1 million mining addresses. Midnight, a privacy-focused Cardano sidechain designed to balance confidentiality with regulatory compliance, officially launched on December 9.
Following the rollout, Charles Hoskinson described the event as the most significant milestone in Cardano’s history.
Midnight’s native token, NIGHT, began trading on Tuesday, on several major exchanges, including OKX, Bybit, Kraken, and KuCoin.
As of press time, the NIGHT token is up 97%, trading at $0.06286, with daily trading volumes surging by more than 700%.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar on X
Source: https://www.coinspeaker.com/ada-price-jumps-10-as-hoskinson-praises-cardano-midnight-launch/
