Cardano (ADA), the ninth-largest cryptocurrency, has surpassed the $1 mark again. This comes amid a broader market uptrend, with many assets showing positive dynamics.
Current Market Trends
Following a recent sell-off, ADA's price dipped to $0.876 during Monday's trading session. However, the crypto market is back in green, associated with the latest U.S. Consumer Price Index data. December's core inflation was 3.2%, below predictions. These figures boosted the markets, including cryptocurrencies.
ADA Technical Analysis
Cardano found support at $0.876. The recovery of ADA price this week targeted breaking the daily SMA 50 at $1.01. Bulls pushed further, breaking this crucial barrier and reaching highs of $1.069. For further growth, ADA must sustain momentum above $1 — it will support the trend above the daily SMA 50. Further targets may include levels of $1.15 and $1.32, possibly moving towards $2.
Expectations from Upcoming Hardfork
The Plomin hardfork is anticipated shortly. Last week, a hotfix in version 10.1.4 of the Cardano node was released, addressing potential stability issues discovered in the pre-production version. This helps stabilize block production ahead of the Plomin hardfork. All Cardano stake pools and relays are expected to upgrade to node version 10.1.4 to mitigate the risk of a DoS attack following the hardfork on the mainnet.
Cardano continues to show momentum amid improving market sentiments and expectations of upcoming network updates. Successfully moving above key resistance levels could ensure further ADA success.
