Cryptocurrency Cardano (ADA) is growing along with the overall cryptocurrency market, with January 4, 2025 token traded at $1,06. The token's weekly growth was 22,6%.
The price increase was accompanied by growing volume, which is a sure sign of increasing buying pressure.
ADA/USD Daily Chart, Source: Trading view
The RSI is currently at 59,46, indicating that ADA is in bullish territory and the token still has room to grow. A higher RSI reading may indicate a further price correction.
The MACD line crossed above the signal line, confirming the bullish trend. The positive histogram bars support the idea that the uptrend will continue. With these strong indicators, the short-term outlook for ADA is positive, with potential for further price gains.
Key support and resistance levels will be crucial for ADA’s future performance. On the downside, $0,96 is a strong support level that the price bounced off of before the latest surge. If bearish pressure intensifies, $0,88 and $0,80 could be tested during the decline.
On the other hand, the $1,10 mark is an immediate resistance, followed by a stronger barrier at $1,20, which may limit further gains. If ADA breaks through it, the next resistance zone may be found around $1,30.
Throughout 2024, the ADA price has had periods of stability with low inflows and outflows.
Data: Coinglass
However, there was a surge in outflows from late November to December, indicating profit taking and possible liquidations. This occurred against the backdrop of sharp price increases.
