Cardano Price Surge Ends 200-Day Accumulation; Analysts Eye $0.8

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As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets. Yesterday’s surge in Cardano price was reminiscent of the early days of Bitcoin, when a single tweet from an influential figure could spark a massive rally. The recent victory of Donald Trump in the 2024 presidential election seems to have ignited a wave of optimism that is driving the market today.

Yesterday saw a significant surge for Cardano‘s price, marking its most bullish week since March 2022 with an impressive gain of 76%. This spike could be attributed to the optimism in the market following Donald Trump’s victory in the hypothetical 2024 presidential election. Crypto analysts are now anticipating a sustained upward trend, hinting that ADA‘s rally from November might persist, implying a planned or pre-programmed breakout.

Currently in the crypto sphere, the price of Cardano (ADA) stands at approximately $0.59, representing a minor daily decrease of 0.08%. As per data from CoinGecko, the market capitalization of this asset remains steady at around $20.7 billion, while its 24-hour trading volume is about $4.96 billion.

Cardano Price Programmed for November Surge? Analyst Aims $8

In a recent tweet, crypto enthusiast Polkadot leader shares Cardano price analysis, highlighting a key breakout from the triangle pattern. Over the past six months, the ADA price has resonated strictly within two converging trendlines amid the broader market consolidation.

In theory, this sideways trend might provide an opportunity for market traders to regain the current momentum ahead of the next significant rise. On November 7th, the price of ADA surpassed the resistance trendline from its previous pattern. The overall market outlook is bullish due to the U.S. presidential election and Bitcoin‘s potential to reach a new peak. Crypto analysts foresee that this breakout could propel the asset upwards towards the triangle’s highest point at $0.8, indicating a possible increase of approximately 36%.

ADA Whale Accumulation and MVRV Data Hint at Major Reversal

In contrast to the long-standing period of consolidation, significant accumulation by large Cardano holders has been observed since late April 2024. According to data from Santiment, wallets categorized as whales (holding between 100 Million and 1 Billion ADA), have noticeably increased their holdings. The growth in their holdings has risen from 2.06 billion to 3 billion ADA, representing a substantial increase of 45%.

Over time, the buildup of holdings by significant investors has often marked significant market lows followed by a prolonged period of growth. The recent increase in accumulation suggests that prominent investors are becoming increasingly optimistic about Cardano’s long-term prospects and may indicate an upcoming price surge.

Furthermore, it’s worth noting that the 30-day MVRV (Market Value to Realized Value) ratio has increased by 38%, suggesting that most short-term investors are currently making a profit. This metric serves as a useful tool for evaluating whether an asset is potentially overpriced or underpriced, considering its historical cost basis.

Typically, when the value increases (positive), it signifies that speculative traders are realizing profits from their investments. This could lead to market fluctuations and possibly a decline (pullback). Given this situation, it’s likely that Cardano’s current price trend might persist for an extended period, as buyers may soon run out of steam. The predicted dip (pullback) could provide an opportunity for the asset to regain its bullish momentum.

If the potential pullback should return within the triangle pattern, the buyers might be pushed back, leading to a possible continuation of the ongoing consolidation as the sellers counteract.

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2024-11-11 14:44