Cardano (ADA) Rockets 211% in Price: What’s on Horizon?

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As a seasoned crypto investor with over half a decade of experience in this volatile yet captivating market, I have witnessed numerous bull runs and bear markets, but the recent surge of Cardano (ADA) has truly caught my attention. Having initially invested in ADA back in 2018 at a mere fraction of its current price, I must admit that I’ve had a bittersweet relationship with this coin. However, the latest developments and the impressive 211% growth over the past month have me feeling optimistic once again.

In the past month, the digital currency Cardano (ADA) – currently ranking as the ninth largest in terms of market capitalization – has experienced a significant surge, with its value rising approximately 211% based on information from CoinGecko.

For the first time since April 2022, Cardano surpassed the $1.00 market capitalization mark, a significant triple increase for the cryptocurrency. This milestone was reached on Nov. 22, after a consistent rise that started on Nov. 5. The value of ADA climbed as high as $1.15 on Saturday’s trading session, but bulls faced resistance at these heights.

Cardano’s recent price increase could possibly be attributed to several factors such as heightened whale trading and a generally optimistic market outlook.

On November 22nd, crypto analyst Ali Martinez pointed out in a tweet that the frequency of large Cardano (ADA) transactions on the network exceeded a daily volume of about $22 billion, suggesting heavy involvement from whales and institutional investors.

Ali suggests that these significant transactions seem linked to a substantial build-up of holdings. Moreover, he points out that the number of whales (large investors) who possess between $1 million and over $10 million worth of ADA has significantly boosted their positions by more than 100% within the past month. Over the last day, the volume of large transactions in Cardano has increased by approximately 17.67%, reaching around $45.41 billion or 41.83 billion ADA.

As a crypto enthusiast, I’ve been riding the wave of excitement as the broader cryptocurrency market has experienced an impressive bull run, with Bitcoin almost reaching the $100,000 mark. This optimistic atmosphere has also boosted altcoins such as Cardano, causing them to surge in value.

What’s next for ADA

Currently, ADA is experiencing a decrease of 11.26% over the past 24 hours, with its price sitting at $0.978. This downward trend in ADA’s value is likely due to a broader market drop caused by investors cashing out their profits.

Cardano crossed the $1 market value on Friday for the first time in over two and a half years. On this date, Santiment reported that trader realized gains were at their highest in eight months. Over $165 million was seen in realized ADA profits, which is the largest day since March 19, 2024. The highest rate of social media discussion towards ADA has occurred after Dec. 8, 2023.

Traders’ selling off of ADA could be another reason behind its price decrease, but it’s worth noting that ADA has still managed to increase by a significant 36% over the past week.

As a researcher observing the ADA market, I’ve noticed that its price has dipped below one dollar. If it manages to hold above the 0.80 level, it suggests that the bulls have successfully transformed this point into support. This strengthens the possibility of a recovery and reclaiming the $1 mark. Should this occur, further upward momentum could potentially push the price up to $1.25.

Instead of the assumption that it will rise, if the ADA price plummets rapidly and dips under $0.80, there’s potential for it to slide down to $0.63.

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2024-11-24 18:54