Why Cardano Price Jumped 17% After Breaking Resistance

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As a seasoned researcher who has weathered numerous crypto market storms, I must admit that the latest surge of Cardano (ADA) has caught my attention. The 17% growth within 24 hours and breaking key resistance levels is reminiscent of the early days of Bitcoin’s meteoric rise.

In the recent spike of the crypto market, Cardano (ADA) has stood out as one of the top performers, experiencing an impressive 17% increase in just 24 hours. This remarkable price jump echoes similar gains observed across numerous cryptocurrencies, indicating a resurgence of enthusiasm and optimism within the crypto sector. Given that ADA surpassed crucial resistance barriers, this altcoin appears to be on an upward trajectory, suggesting a promising forecast for its future in the rapidly developing digital currency marketplace.

Cardano Price Surges 17% After Breaking Key Resistance Level

1) In just 24 hours, the price of ADA has increased by 17%, climbing to $0.4236 and marking a four-month high. This significant rise is attributed to a broader market surge, where Cardano saw an uptick of more than 23% over the past week following a prolonged downtrend. The crypto market has been gaining traction after Donald Trump’s election win in the 2024 U.S. presidential race, sparking optimism among digital assets.

On November 7, Bitcoin reached an unprecedented peak of $76,943, marking a new record high. At the same time, Ethereum surpassed the $2,900 threshold. The robust performance of Cardano is indicative of increased investor interest, propelling it beyond significant resistance levels and outperforming other major cryptocurrency markets in recent growth.

Address Activity and Whale Transactions Fueling the Surge

It appears that Cardano has achieved significant achievements during its recent growth spurt. In fact, an unprecedented number of 37,892 distinct ADA wallets participated in transactions on a single day, which is the most active address engagement since early September.

Additionally, it’s worth noting that over 697 significant transactions exceeding $100,000 took place on that specific day. This surge suggests increased involvement from major investors, often referred to as “whales,” marking the highest activity level since early September.

Recently, Cardano has surpassed $0.43 for the first time since July, which is great news for ADA supporters. The continuous growth in the number of transactions and large-scale investors indicates a growing market trust. Additionally, there’s a sense of anticipation among smaller investors as they watch to see if this bullish trend will persist.

In recent cryptocurrency market surges, Cardano (ADA) stands out as one of the unexpected stars that have soared. Over the past three days, it has climbed more than 25%. It seems that retail investors’ fear of missing out (FOMO) could soon become a reality for this coin. This upward trend is long-awaited by the dedicated ADA community who have been patiently waiting for their investment to take off.

— Santiment (@santimentfeed) November 8, 2024

Analyst Eyes 100% Upside for ADA Price

A cryptocurrency expert has hinted at a possible significant increase in the price of Cardano (ADA). Based on his analysis, there might be a 100% rise in ADA’s value, indicating a significant breakthrough may occur soon. The analyst notes that ADA has been experiencing a long phase of price consolidation, with it consistently forming a downward trendline.

As a crypto investor, I’m closely watching the trendline of ADA. If it gets broken, we might be looking at potential double the current value, which is quite exciting! Technical indicators suggest a change in momentum, reinforcing the analyst’s predictions. Moreover, the volume profile indicates growing buying interest, suggesting that investor confidence is on the rise.

#ADA: Watch out, 100% move possible. #Cardano

— Mind Trader (@mindandtrading) November 8, 2024

Cardano’s recent surge, significant increase in on-chain activity at prominent addresses, and growing attention from significant investors make a compelling argument for its continued expansion. This leading cryptocurrency may sustain its trajectory under favorable market circumstances, possibly reaching the $1 mark in the near future.

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2024-11-08 12:30