As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. The current surge in Cardano’s price is nothing short of impressive, with ADA showing signs of a potential breakout above $1.
The value of Cardano has been skyrocketing, increasing by an impressive 144% over the last two weeks. Right now, it’s trading at approximately $0.793. However, it seems to have hit a barrier, and if this barrier is successfully breached, ADA could possibly soar beyond the $1 mark. Interestingly, there’s been an increase in large-scale transactions involving ADA, suggesting that the cryptocurrency might be gearing up for another significant leap. Could we see ADA hitting the $1 mark after a staggering 2.4 times increase within less than a month? That’s certainly a possibility worth considering!
Today, the value of ADA has increased by 3.73%. However, it’s still slightly below its peak intraday price of $0.8024. This surge in value seems to have sparked a 38.7% increase in daily trading volume, indicating a recent uptick in investor interest.
Cardano Price Eyes Breakout As Whale Activity Surges
The general feeling toward the cost of Cardano is optimistic, given its price trend is moving upwards. Moreover, information from IntoTheBlock indicates a rise in substantial investor activity involving Cardano (ADA), where significant investors owning more than $10 million in ADA have boosted their holdings by 134.09%.
Smaller fish, whose holdings ranged from $100,000 to $9 million, similarly boosted their investments during the same period. This could imply that these investors are becoming more optimistic about the potential growth of Cardano’s value in the future.
As a crypto investor, I’ve noticed an intriguing shift in the market: Santiment analytics have indicated that Cardano’s social trending rank soared to second place on November 16. This suggests that interest in ADA is escalating among fellow investors around this time. Furthermore, the Cardano social dominance experienced a significant surge in early November, reaching levels even higher than during the mini bull run in March.
It appears that conversations about Cardano are heavily prevalent on social media, largely with a favorable tone. Given this optimistic atmosphere, it’s possible that the price of ADA could soon mirror this trend, potentially leading to an increase in its value.
ADA Price Analysis: Signs of a Breakout or Reversal?
Based on the Cardano price graph, it’s challenging for the asset to surpass a significant barrier around $0.80. The value of ADA had earlier reached $0.8193, but it was rejected as investors hurriedly sold off to realize their gains.
Should the value of Cardano surpass the resistance range between $0.80 and $0.82, it seems there may not be significant hurdles en route to reaching $1. The Fibonacci retracement indicator suggests potential future price targets for ADA following the breakout, roughly estimated at approximately $0.89 and $0.9871. These values align with the 0.27 and 0.618 Fib extension levels.
At present, the price point holds significant importance since if it doesn’t surpass the current resistance, there’s a potential for the price of ADA to decrease to approximately $0.71. This level is noteworthy because it aligns with the 0.382 Fibonacci retracement level. Should the price fall below this point, it might encounter support near $0.6478, which could serve as a springboard for the price of ADA to rise again.
Further drawbacks below this level might challenge the existing bullish argument, since the Cardano (ADA) price could possibly move into a holding pattern ranging from $0.54 to $0.64.
Will ADA Reach $1 or Face a Pullback?
Based on rising whale activity and growing social influence, it appears that the price of Cardano could be preparing for a significant surge. Information from the Coinglass Liquidation Map (LM) suggests that derivative traders are similarly optimistic about ADA, as there are approximately three times more Long positions than Short ones on Binance, OKX, and Bybit.
Given this blend of elements, it’s clear that despite a staggering 144% surge over merely two weeks, Cardano may still have room for further growth.
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2024-11-20 10:48