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The Cardano 
$0.78434 network’s main asset, ADA coin, has once again caught the attention of users, gaining 12% in value over the past 24 hours. The price of ADA has exceeded the 1 dollar threshold, reaching its highest level in three weeks. While major cryptocurrencies like Bitcoin 
$104,007, Ethereum 
$2,596, Solana 
$173, and Dogecoin 
$0.227376 have risen by less than 2%, ADA’s rapid ascent has drawn significant interest.
Why is Cardano Rising?
Although the recent price increase of ADA is not based on a fundamental reason, expected significant developments in the short term are positively impacting its price. These include the decentralized finance ecosystem focused on Bitcoin, as well as efforts to enhance scalability and performance. Additionally, steps taken to improve Cardano’s interoperability with other blockchain networks support long-term value growth.
Technical Analysis indicates that ADA’s price is likely to continue progressing positively. According to cryptocurrency analyst Omkar Godbole, ADA’s three-day rise has terminated a four-week downtrend. This change in trend suggests that the price may retest the $1.32 peak seen at the beginning of December. Furthermore, the Moving Average Convergence Divergence (MACD) indicator signals potential further price increases, while the Relative Strength Index (RSI) supports upward price movement.
What Do Technical Indicators Say for ADA?
Technical indicators suggest that a price increase of up to 30% is possible for ADA. The rising MACD indicates strong momentum for investors, while the RSI confirms that price movements are gaining speed.
Market observers anticipate that the popular altcoin will test the resistance at $1.32, indicating that a breakout could lead to even larger gains. With the current technical data and developments on the network, Cardano’s ADA coin presents a promising outlook for users, who are closely monitoring whether this upward trend will continue.
