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It was a week to celebrate for cryptocurrency bulls as the market witnessed a widespread rally, pushing prices up.
A remarkable nine out of the top 10 non-stablecoin cryptocurrencies enjoyed significant gains. The bullish sentiment suggests the positive trend might continue in the coming weeks.
Market Cap Jumps 7.1% in Bullish Wave
Cardano's ADA token emerged as the undisputed champion, soaring 14.2%. This remarkable surge set the tone for the week, with other major players following suit. Ethereum, the world's second-largest cryptocurrency, wasn't far behind, climbing 11.4%, marking the end of the double-digit gainers for the week.
The positive sentiment permeated the market, with the overall crypto market cap experiencing a 7.1% increase. BNB, TRX, and Bitcoin demonstrated solid performances, rising 9.6%, 8.4%, and 7.5%, respectively.
Even the lower end of the leaderboard saw positive momentum. XRP, Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX) all notched up respectable gains, ranging from 0.5% for Avalanche to 5% for XRP. Solana and Dogecoin experienced 2% increases, rounding out the winning pack.
While most of the top 10 basked in the bullish glow, Chainlink's LINK token stood as the lone loser, experiencing a slight dip of 1%. However, considering its recent stellar performance, this breather is hardly a cause for concern. In fact, despite the minor setback, LINK continues to reign supreme as the top gainer over the past 30 days.
Cardano and the Bull Market
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 likely 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 critical support to watch on the downside is at the moving averages.
According to Daily Coin, 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.
According to U Today, Cardano founder Charles Hoskinson reacted to a post indicating such intention with a GIF image of a man drenched in the rain, suggesting that selling did not go well with him.
Cardano's Treasury balance increased by 2.6% QoQ to 1.43 billion ADA. The 40 million ADA rise was broadly consistent with growth in recent quarters. Total value locked (TVL) in USD grew by 166% QoQ, reaching an all-time high of $449 million on Dec. 14. This enormous Q4 growth resulted in a 693.4% YoY rise.
Photo: Microsoft Bing
