ADA Surges 12.5% on Cardano Upgrade, Eyes $1.90

Cardano's ADA token has seen a significant price increase today, with a 12.5% rebound from its recent low of $0.857. This recovery comes after finding support from its 100-day exponential moving average (EMA), potentially signaling a new upward trend. At the time of writing, ADA's price is trading at $0.956, up 7% over the last 24 hours.

The ADA price rally on Jan. 28 mirrors the broader crypto market recovery, with Bitcoin (BTC) leading the gains by rising 3.3% to trade at $102,733. Other top-cap cryptocurrencies, including Ether (ETH), BNB Chain's BNB, XRP (XRP), and Dogecoin (DOGE), have also posted significant gains. The total crypto market cap has increased by 3.87% to rest at $3.51 trillion on Jan. 28.

The Cardano Foundation's approval of the Plomin upgrade on Jan. 27 has also contributed to ADA's bullish performance. The Plomin hard fork, set to take place on Jan. 29, aims to turn the Cardano blockchain into a fully decentralized governance model. The upgrade has received strong support, with 86% of required votes recorded and a 66.67% approval threshold.

Technically, ADA's gains on Jan. 28 are part of a consolidation within a symmetrical triangle. If confirmed, this would result in a massive upward breakout, with a measured move setting ADA's long-term price near $1.90, up around 96% from current price levels. In the short term, critical levels to watch include the resistance zone around $0.962, which is also the 50-day SMA, and the descending trendline of the triangle at $1.13.