Ethereum competitor Cardano (ADA) has also been part of the current altcoins market rally. The ADA price is up 3% in the last 24 hours moving above $0.29 and extending its weekly gains to more than 20%.
Is ADA Price Gearing For A Rally to $1?
Despite a 20% rebound since October 19, which brought it to today’s peak at $0.29, ADA’s current trajectory still maintains a bearish outlook. This sentiment is reinforced by a descending trendline that consistently intersects recent highs, as evident in the chart below.
Should the bear market indeed have concluded with the Z wave, and we’re now witnessing the initiation of a more extensive five-wave impulse, then the ongoing uptrend is likely to persist. Consequently, a clear breakout above the descending trendline would serve as a significant bullish indicator.
Nonetheless, as ADA’s price remains within a broader horizontal range, it might encounter resistance on its current path, possibly leading to a pullback to the $0.28 level.
A definitive bullish signal for ADA, pointing to a potential rally toward the $1 milestone, would require a breakout above the $0.40 threshold. This level signifies the upper boundary of its horizontal range. Achieving this milestone would not only signal the onset of a bull cycle but also set ADA on a path toward potentially reaching the coveted $1 target.
Key Cardano Developments
In a recent development, the Cardano Foundation announced major updates to the staking parameters on the Cardano blockchain. The Cardano Foundation has opted to improve the network’s competitive edge and user experience. In response to a Stake Pool Operator (SPO) poll and a subsequent evaluation by the Parameters Committee, the Cardano Foundation has executed a transaction on the Cardano mainnet. This transaction lowers the minPoolCost parameter from 340 ADA to 170 ADA.
Charles Hoskinson, the founder of Cardano, has offered a decisive response to ongoing rumors about the potential discontinuation of the Djed stablecoin. He emphatically stated that not only will the project persist, but it will also undergo a substantial upgrade. “No, we aren’t dropping Djed. We are supercharging the team,” he declared.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.