Why is the Cardano (ADA) Price Up Today?
2025-01-03
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TL;DR
ADA Bulls Step in
While most leading cryptocurrencies have consolidated in the past 24 hours, this is not the case with Cardano (ADA). Its price is up 12% on a daily scale, currently trading at approximately $1.05 (per CoinGecko’s data). In fact, this is the highest level observed since mid-December last year.
There seems to be no specific reason for ADA’s resurgence. However, the boost could potentially be related to the expected developments within Cardano’s ecosystem this year. A few days ago, Charles Hoskinson claimed that in 2025, “Cardano is going to heights it’s never been before.”
“We got Bitcoin DeFi, Midnight, Patnerchains, all the DApp upgrades, Midgard, and some extra magic that we’ll call “the fire rises,” the co-founder stated.
Prior to that, Hoskinsondisplayedhis intentions to spend much of his time helping the Trump administration create a comprehensive and possibly more favorable regulatory environment for the digital asset industry.
Recall that the Republican emerged victorious in the US presidential elections in November last year, and his win triggered huge excitement across the crypto community. After all, Trump made several promises that could benefit those in favor of the sector.
He will officially become America’s 47th President on January 20, and we have yet to see whether he will keep his word and allow the crypto industry to thrive.ADA Price Predictions
According to multiple industry participants, the price of Cardano’s native token has much more room for growth. The X user Ali Martinez, for instance, suggested that ADA “is shaping up like it did last cycle,” which could be followed by a push to a new all-time high of $4 in the next few weeks.
Nebraskangooner chipped in, too. They don’t seem like a big fan of ADA, calling it “the most worthless crypto ever.” However, the analyst believes this could make it “pump hard for absolutely no reason.”
Contrary to the bullish forecasts, one essential metric signals good days ahead for the bears. This is the Relative Strength Index (RSI), which measures the speed and change of price movements. The technical analysis tool varies from 0 to 100, with ratios above 70 indicating that ADA could have entered the overbought territory, meaning it might head south soon. Currently, the asset’s RSI is in the bearish zone of 80.