As a seasoned crypto investor with over a decade of experience navigating the cryptocurrency market, I must admit that watching Cardano (ADA) soar to new heights is nothing short of exhilarating. The 27% daily surge and breaking through the $1 psychological resistance is not just impressive; it’s downright electrifying!
Cardano (ADA) continues to smash new records, with its price breaking over a key resistance amid a 27% daily surge. Cardano’s native token, ADA, is rapidly growing its market cap, fueled by a redistribution of profits from Bitcoin’s recent surge.
ADA’s soaring movement
Currently holding a market value of approximately $37.76 billion, Cardano (ADA) has surpassed Tron (TRX) in rankings, making it the ninth-largest cryptocurrency, as reported by CoinMarketCap. ADA has managed to breach the significant $1 price barrier and is poised for a potentially larger price surge.
Currently, at the moment, the price of ADA is being transacted at $1.8, marking a 27.06% increase within the past 24 hours. This week alone has seen a 45.52% rise, pushing the monthly and yearly growth to an impressive 214.6% and 181.13%, respectively. Interestingly, Cardano tends to perform exceptionally well during Q4, averaging a 406.42% increase in this period.
The daily trading volume has significantly increased by over 130%, reaching approximately $7.93 billion. This indicates that ADA continues to garner interest as it strives to make a lasting impact during the bull market. Additionally, U.Today noted a substantial rise in Open Interest (OI).
In the past day, the Open Interest (OI) of Cardano grew by approximately 15%, and futures traders have invested a total of around 848.99 million ADA, which equates to more than $761 million in value.
What’s next for ADA
Currently, the cost of ADA is surpassing a significant resistance point based on the 50% Fibonacci retracement. Previously, this level, approximately $0.83, served as a robust obstacle. If ADA manages to overcome this level, it suggests a favorable outlook for its future price movements.
The next major target for Cardano is the golden pocket zone, ranging between $1.13 to $1.22. This range could act as a resistance zone. However, ADA’s price could reach as high as $1.76 if it manages to break through the resistance. This aligns with the 78.6% Fibonacci level.
The buzz surrounding Cardano currently could contribute to maintaining its growth trajectory, alongside broader market trends.
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2024-11-23 17:24