ADA Price Jumps 10% as Hoskinson Praises Cardano Midnight Launch

Core Insights - Cardano's native cryptocurrency ADA has seen a significant price increase of 10% in the last 24 hours, currently trading at $0.47, driven by positive market sentiment and the launch of the Cardano Midnight privacy network [1][2][5] Price Movement and Trading Volume - The recent 10% increase in ADA's price is accompanied by a remarkable 150% surge in daily trading volume, reaching $1.58 billion, indicating strong bullish sentiment among traders [2] - The breakout from a descending resistance line suggests a potential further increase of 56% in ADA's price, targeting $0.67 [3] Technical Analysis - Cardano's 4-hour chart shows a bullish inverse head-and-shoulders formation, supported by momentum indicators that suggest continued upward movement [3] - The MACD line crossing above the signal line reinforces the positive outlook for ADA's price [3] Breakout Confirmation and Price Targets - A confirmed breakout above the neckline of the inverse head-and-shoulders pattern could lead to initial price targets of $0.48 and $0.52, aligning with broader bullish projections [4] - A recent allocation of 70 million ADA from Cardano's treasury by core contributors may further support the price rally [4] Cardano Midnight Launch - The launch of Cardano Midnight, a zero-knowledge privacy network, has reached 1 million mining addresses and is considered a significant milestone by founder Charles Hoskinson [5] - Midnight's native token, NIGHT, has begun trading on major exchanges and has seen a price increase of 97%, with daily trading volumes surging over 700% [6]