Analyst Reveals How High Cardano Price Can Rise, Here Are The Targets

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As a seasoned researcher with a keen eye for market trends and a soft spot for cryptocurrencies, I must say that the recent surge in Cardano’s price has caught my attention. Having closely followed the crypto space since its inception, I can confidently say that this is one of those moments when the stars seem to be aligning for ADA.

As a crypto investor, I’m thrilled to share that the price of Cardano (ADA) has soared by over 8% today, reaching an intraday high of $0.837. This bullish trend is fueled by a potent mix of heightened on-chain activity and technical indicators suggesting even more growth potential.

The surge in futures’ open interest (OI) for ADA is another factor fueling the crypto rally. On Wednesday, OI at exchanges reached a high of $735 million. This recent price increase has prompted some analysts to speculate potential future price predictions for this cryptocurrency.

Key Targets for Cardano Price Growth

As Cardano’s value keeps surging, experts are forecasting various possible peak points considering its past price trends and technical signals. The primary aim is at the $1.00 psychological threshold, which lines up with the 61.8% Fibonacci retracement point. Exceeding this level could suggest additional growth potential.

Analysts have suggested multiple optimistic possibilities for the price of Cardano (ADA) going beyond $1.00. The least hopeful projection suggests that ADA might reach its previous highest point of $3.12 again. However, in a more favorable situation, ADA could potentially double its all-time high and climb up to $6.00, thanks to the growing adoption of the Cardano blockchain network.

In simpler terms, if the ongoing cryptocurrency surge persists and market circumstances stay advantageous, the optimistic forecast suggests a price span between $12.00 and $15.00.

A well-known expert offered their perspective on ADA’s possible growth trajectory by pointing out its persistent progression within a long-term upward trending channel. As depicted in the graph, the Cardano price has bounced back from the lower edge of this channel only to climb and touch the upper limits.

The graph shows both buildup and burst periods, indicating high investor involvement with ADA. Notably, the analyst underlined that ADA is now probing support levels within this range. Moreover, he forecasted a potential dip to $3.5 at its minimum and an optimistic surge towards $10 on the higher end.

On-Chain Metrics Supporting Cardano’s Momentum

The interest in Cardano’s futures contracts has noticeably increased, demonstrating higher market activity and optimistic investor sentiment. As per Coinglass, the Open Interest (OI) jumped from $585.37 million earlier this week to $735 million on Wednesday, reaching its peak since last November 2021. This significant increase in OI suggests a substantial investment influx and increasing trust among investors regarding the future price trend of ADA.

The recent surge in the price of Cardano is supported by robust on-chain data suggesting a rise in investor engagement. As reported by Santiment, large transactions involving ADA have spiked by 145% within the last month, showing growing enthusiasm among major investors. Furthermore, wallets holding substantial amounts (over $10 million) of ADA have been expanding their positions substantially, which enhances trust in Cardano’s future growth trend.

Furthermore, it appears that the increase in Cardano’s price may be linked to a surge in decentralized finance (DeFi) actions on its platform. According to DeFiLlama, the Total Value Locked (TVL) on Cardano has risen to approximately $490.7 million, approaching its record high. This surge in DeFi participation, coupled with heightened trading volume and whale activity, underscores the optimistic outlook for ADA.

ADA Technical Indicators 

Currently, the MACD (Moving Average Convergence Divergence) on Cardano’s (ADA) 24-hour chart is showing a bullish trend. Specifically, the MACD line has moved above the signal line, and this is reinforced by an upward trend in the histogram. This pattern usually suggests growing buying pressure and a prolongation of the price increase, as evidenced by ADA’s recent price jump.

Furthermore, the Bull Bear Power (BBP) index indicates an upward trajectory, as its figures exceed zero. This suggests that at present, buyers have more control over the market. The growing BBP is a testament to the escalating power of bullish forces, providing additional support for the ongoing cryptocurrency surge.

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2024-11-20 23:52