Cardano is up today, and several factors suggest that the recovery trend is not over for ADA price.
Cardano
ADA
$0.9533
has recovered strongly, bouncing 12.5% since its $0.857 low on Jan. 28. The rebound comes after establishing support from its 100-day exponential moving average (EMA), possibly triggering its next leg higher.
At the time of writing, ADA’s price is trading at $0.956, which is up 7% over the last 24 hours.
Several factors are driving the ADA price up today, including:
ADA price rally on Jan. 28 mirrors recovery across the broader crypto market.
Cardano Foundation’s Plomin upgrade.
ADA’s classic technical pattern targets $1.90.
ADA price rises with broader crypto market
The bullish sentiment was not only exclusive to Cardano as crypto prices also rallied across the board, buoyed by Bitcoin’s
BTC
$102,400
recovery above $102,000 after dropping to as low as $97,750 on Jan. 27.
Key points:
BTC led the gains, up 3.3% over the last day to trade at $102,733 at the time of writing.
Ether
ETH
$3,168
has rallied more than 6.8% over the last 24 hours to trade just below $3,200.
Other top-cap cryptocurrencies, including BNB Chain’
BNB
$670.78
XRP
XRP
$3.15
, and Dogecoin
DOGE
$0.3331
, have also posted significant gains over the last 24 hours.
The total crypto market cap has increased by 3.87% over the last 24 hours to rest at $3.51 trillion on Jan. 28.
This performance in the crypto market comes as market participants wait for the US Federal Reserve’s decision on interest rates.
What to expect:
The Federal Open Market Committee’s (FOMC) next meeting is scheduled for Jan.
28 and Jan. 29, with a decision on interest rates expected on Wednesday, Jan. 29.
There’s a strong consensus among market observers and analysts that the central bank will keep the Federal funds rate steady at its current range of 4.25% to 4.5%.
The possibility of interest rates remaining the same at the Fed’s Jan. 29 meeting now stands at a 99.5% chance, according to the CME FedWatch tool.
Cardano’s Plomin upgrade approval
ADA’s bullish performance on Jan. 28 followed the approval of Cardano’s Plomin upgrade by the Cardano Foundation on Jan. 27.
Key takeaways:
The Cardano Foundation (CF), one of the entities backing Cardano, has voted YES to the upcoming Plomin Hard fork.
The foundation said it voted as a part of the Interim Constitution Committee (iCC), which was tasked with reviewing protocol changes on Cardano.
CF said the Plomin hard fork is constitutional, with a backing vote that comes barely 24 hours before the end of the governance action, adding:
“The governance action to hard fork to Protocol Version 10 (“Plomin”) is constitutional. It fulfills all procedural requirements, enables CIP-1694 governance and Plutus primitives, and complies with guardrails.”