The post Cardano’s ADA Surges 10%: Founder Expresses Optimism appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, has been steadily climbing since Feb. 7. The surge accelerated, with ADA rising by 10% in the last 24 hours to a high of $0.639, the highest level since Jan. 2. At the time of writing, ADA was trading up 9.38% in the last 24 hours at $0.625. In a foreshadowing of the ADA price rise, crypto analyst Ali predicted in the past week that the ADA rally might come earlier than expected if history repeats itself. According to the scenario painted by Ali, ADA is expected to rise to $0.80 first and then retrace to $0.60 before entering a bull run toward $8 by January 2025. In the meantime, there is a resistance at $0.678, which might be likely crossed. Cardano might then rally to the overhead resistance level of $0.695. The important support to watch on the downside is at the moving averages. A break and close below the 50-day SMA ($0.533) will suggest that the recent breakout may have been a bull trap. ADA might then fall to sturdy support at $0.447. However, as ADA has soared to multimonth highs, some investors are looking forward to taking profits and selling their coins. Cardano founder Charles Hoskinson reacted to a post indicating such intention with a GIF…

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Filed under: News - @ February 18, 2024 4:22 pm