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Cardano (ADA), the ninth largest cryptocurrency by market cap, has begun 2025 with a strong rise, up more than 22% and surpassing the key $1 level for the first time since Dec. 18, 2024. This significant price movement represents Cardano's first breakout in the new year.
The upward momentum for ADA began Jan. 1, 2025, when the price was at a low of $0.837. From there, Cardano steadily climbed, breaking past the daily simple moving average (SMA 50) barrier at $0.983. This barrier had previously capped ADA's price at the close of 2024, making its breach significant.
The rally subsequently gained momentum, culminating in highs of $1.10 in today's trading session. This technical breakout has fueled bullish sentiment, with ADA now poised to continue its upward trajectory if it sustains momentum.
Tomiwabold OlajideIf ADA closes today’s session in green, it will mark three consecutive days of gains to start the year. The price increase comes as the broader crypto market shows signs of recovery, with major assets like Bitcoin and Ethereum also posting gains in recent sessions. However, Cardano's performance stands out due to its decisive break past the key $1 level as well as its double-digit percentage gain.
What's next for ADA price?
At the time of writing, ADA was up 12.37% in the last 24 hours to $1.07 and up 22% weekly.
With ADA holding above $1, the next challenge will be to maintain this level and build further momentum. The next key barrier levels to watch include $1.12 and $1.18, while immediate support is anticipated for the 50-day SMA around $0.983 ahead of key support at $0.82 and $0.76.
If Cardano can maintain its current rise, it could set the stage for a strong first quarter in 2025. Already expectations are in place for the Plomin hard fork in Q1, 2025. The Chang upgrade was successfully implemented last year, introducing on-chain decision-making to Cardano mainnet.
In late December, the governance action for the Cardano mainnet Plomin hard fork was submitted on-chain; its ratification and enactment are anticipated to happen between Jan. 4 and 29, 2025.
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.
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