As a seasoned researcher with a knack for deciphering market trends, I have witnessed countless crypto rallies, but the recent surge of Cardano (ADA) has truly caught my attention. With 81% gains in just seven days and a whopping $14 billion transacted in the last 24 hours, it’s hard not to get excited about ADA’s potential to reach the coveted $1 mark this month.
In simple terms, over the past week, the value of Cardano has surged by 81%, breaching multiple critical thresholds and causing market experts to predict that the next significant goal could be $1. The upward trend might be due to increased buying activity among big investors, as indicated by a rise in ADA whale transactions. Could these large-scale buyers push the price of ADA up to $1 within this month?
In the past 24 hours, ADA’s price climbed by 11.35%, reaching $0.6489 – a value last seen in April 2024. This surge can be attributed to Bitcoin, which also experienced an uptick of 10.8% and is now trading at $89,547.
Cardano Price Recent Surge: $14B in 24 Hours
Cardano (ADA) whales are preparing for a potential rise as there has been a surge in large-scale investor activity. According to IntoTheBlock’s data, over $14.9 billion worth of ADA (28.45 billion units) were traded within the past day, suggesting an uptick in investor enthusiasm.
As a result, the influx of significant investors over a 7-day period skyrocketed by an impressive 393%, and the inflow over a 90-day period surged dramatically by 2,855%. This surge in large investors indicates a growing interest in ADA, which could potentially boost its price.
What’s Driving The Cardano Rally?
Lately, the escalation in the price of Cardano has breached the prior price ceiling situated approximately at $0.4, $0.45, and $0.49. This upward trend in the value of ADA can be attributed to two possible explanations:
- The recent Bitcoin price surge has catapulted the entire crypto market above the $3 trillion market cap.
- Cardano founder Charles Hoskinson revealed plans to help shape U.S. crypto policy under the Trump administration.
Supporters of Cardano have mused about potential ways for ADA to be incorporated within the U.S. administration, given the recent attendance of a NASA Systems Engineer at the Cardano Summit held in Dubai.
ADA Price Analysis: Can Cardano Bulls Push the Price to $1 This Month?
The cost of Cardano is currently moving within an expanding uptrend pattern, which is a positive sign for investors. The digital currency appears poised to reach around $1, although it first needs to break through a significant barrier in its path to achieve this goal.
The immediate resistance lies around $0.70, which coincides with the $0.786 Fibonacci retracement level. Further beyond, the ADA price will have to contend with $0.81 and finally hit $0.95 near the rising channel’s upper boundary.
Conversely, Cardano may find support at $0.5 if bears push the price lower.
Market Outlook: Will ADA Sustain Its Momentum?
The powerful push toward Cardano is evident, but there are indications of potential weakness. Data from Coingecko reveals a significant decrease of 48% in the 24-hour trading volume, suggesting a dip in market activity. This decline might be due to investors cashing out their gains, aligning with the Relative Strength Index (RSI) spiking up to 76, moving it into the overbought zone.
Despite indicating that volatility might be growing, the Average Directional Index (ADX) suggests that ADA’s price could escalate past $1 following a phase of profit-taking, as volatility seems poised to intensify.
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2024-11-12 11:45