Cardano (ADA) Up Nearly 20%, Aiming For A Higher High?

After weeks of stagnancy and falling to new lows, the crypto market has been in a bullish trend in the past few days. Alongside it is Cardano (ADA) following suit in the same direction of the upward movement. 

ADA has spiked by over 15% in the last 24 hours, following the coin’s recent cheerful news, including the DeFi TVL tapping a two-month high and the co-founder Charles Hokingson announcing an upcoming launch of a hospital that will accept ADA as a payment method in February. 

Cardano (ADA) Rally In The Past Weeks 

The ending of last year brought some not-so-confident positivity to ADA traders; the coin was bleeding red regardless of the positive news. However, over the past few weeks, Cardano has been printing a bullish trend, and looking at the chart, there was evidence of some accumulation of liquidity.

Even market analytics platform Santiment reported at the end of December that ADA was undervalued, given the indicated whale accumulation and bear exhaustion. Sentiment noted sharks and whales hold 100,000 to 10 million ADA and are still actively accumulating.

ADA began the year with a trading price of about $0.24, and following its rally to the upside a few days ago, ADA climbed above $0.3 by last week Monday, spiked to $0.34, and currently trades at $0.3283. 

The weekend was warming up the process of the nearly 20% spike, which happened today. Yesterday saw ADA taking all the liquidity on the upside and climbing over every higher high. Though it’s hard to say for sure if this rally is the road heading to a bull run, the chart indicates a retracement sooner or later. 

The Crypto Market Bullish Trend Overview

ADA hasn’t been the only altcoins printing bullish trends. The largest coins by market cap, including Ethereum, Solana, and Binance coin BNB, have so far been seeing an uptrend.

The top coin, Bitcoin, has made some significant movement breaking free from the $16,000 zone and currently trading above the $17,000 region. 

ADA and Solana (SOL) still happen to emerge as the highest gainers among top cryptocurrencies by market cap. SOL went from the $10 – $13 zone and skyrocketed by 13%, with a current market price of $16.3 at the time of writing. 

With the Shanghai update somewhere around the corner, Ethereum (ETH) was not left out in the bullish trend. ETH climbed above $1,300 after the prolonged stagnation in the $1,200 region. ETH increased by 4% in the last 24 hours, with a current trading price of $1,316 at the time of writing.

Bitcoin gained a few hundred dollars in its value. Given its larger market cap, its upward movement in the last 24 hours is only about 1.81%, while in the previous 7 days, it was up by 3.8%. BNB, after surviving weeks of FUD and bears at the end of last year, is up by 6.8% in the last 24 hours with a current market price of $279.

Featured image from Freepiks, chart from TradingView