The cryptocurrency market is currently experiencing a significant uptrend following the announcement by the Securities and Exchange Commission (SEC) to review and close all pending cases. This decision has had a positive impact on market sentiment, leading to substantial price surges across major cryptocurrencies.
One particular token that has garnered attention amidst this bullish market is ADA, the native token of the Cardano blockchain. Crypto whales have been actively accumulating ADA tokens, with reports indicating a massive acquisition of 100 million ADA tokens in the past 48 hours. This accumulation, coupled with the recent SEC plan to free crypto cases not involved in any fraud, as well as the upcoming inauguration of Trump, have all contributed to ADA’s rally today.
As of today, January 15, 2025, ADA has witnessed a price surge of over 7.5% in the past 24 hours, reaching a trading level near $1.065. The significant price increase has also led to a 76% jump in trading volume, attracting attention from traders and investors alike.
Analyzing ADA’s price action and key levels, the altcoin has reached a crucial trendline resistance level on its daily chart, where it has previously seen price reversals. While some anticipate a similar reversal, the current market sentiment suggests otherwise.
Looking at the market sentiment since December 2024, ADA has formed a bullish inverted head and shoulders pattern. It is currently near the neckline, which acts as a resistance level. If ADA manages to break above the trendline and close above $1.15, there is a strong possibility of a 40% surge to reach $1.645 in the future.
Furthermore, ADA’s Relative Strength Index (RSI) indicates that the asset still has room for significant upside momentum, as it is not yet in the overbought territory.
In conclusion, the recent developments in the cryptocurrency market, coupled with ADA’s price action and key levels, suggest a bullish outlook for the token. Traders and investors should closely monitor ADA’s price movements and key levels to capitalize on potential opportunities in the market.