Here’s Why Cardano Price Could Soar 3X In November

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As a seasoned researcher with a background in blockchain and cryptocurrency, I have witnessed numerous market fluctuations and trends over the years. The recent surge in Cardano (ADA) price has piqued my interest, as it seems to defy the norms set by traditional market behavior.

In the past 24 hours, Cardano‘s price has increased by 7.9%, currently sitting at $0.5742. It previously reached a daily high of approximately $0.6054 but then faced resistance. Earlier in the day, it touched a low of $0.5231 following a drop in Bitcoin‘s price due to profit-taking. Based on technical and fundamental analysis, predictions indicate that Cardano’s price could potentially double or even triple, reaching around $2.5 by November.

ADA Gathers Momentum: Why Cardano Price Could Triple

Among the top 20 cryptocurrencies, Cardano (ADA) has experienced one of the most significant surges, next to Dogecoin (DOGE) and Sui (SUI). What’s particularly intriguing is that this rally came unexpectedly and took many ADA skeptics by surprise. Here are some factors contributing to the sudden price increase of ADA, and why it could potentially triple (3X) in November:

  1. Hoskinson’s inside the U.S. government.
  2. Cardano (ADA) is re-listed on Robinhood.
  3. Altseason is about to kick off.

Hoskinson’s Inside the U.S. Government

Charles Hoskinson, founder of Cardano, revealed plans to work alongside U.S. authorities to shape cryptocurrency regulations. Such an action is significant; on a larger level, it signifies Cardano gaining access to the decision-making circles within the U.S. government. Recently, a Systems Engineer from NASA spoke at the Dubai Cardano Summit, sparking some raised eyebrows and murmurs of curiosity as to why a NASA official would participate in a Cardano blockchain gathering.

The surge in this development has sparked discussions about an imminent approval of a Cardano Exchange Traded Fund (ETF) under the new pro-cryptocurrency administration, given Hoskinson’s technical role within the government. This potential move could lead to a significant increase in the price of Cardano, potentially tripling and even exceeding that level.

Cardano (ADA) listed on Robinhood

As a researcher, I’m excited to share that on November 13th, Robinhood revealed their plans to reinstate three cryptocurrencies in their platform, among them being Cardano (ADA). This announcement has added more momentum to the positive expectations already building around ADA, further fueling its bullish sentiment.

Restating ADA’s relisting indicates a broader pattern hinting at the much-anticipated culmination of the bull run: the stage of widespread enthusiasm or excitement.

Jason Yanowitz, co-founder of Blockworks, expertly broke down the current phase of the bull market.

1/ There are 4 phases of a bull market.

Buckle up, we just entered the most fun phase.

Welcome to Stage 3

— Yano (@JasonYanowitz) November 10, 2024

As per Yanowitz’s analysis, the market is currently moving towards a transition phase, shifting from Stage 2 (Excitement) to Stage 3 (Euphoria). During this stage, digital currencies such as Cardano are forecasted to experience significant growth and potentially reach new peak values. This upward trend could begin as early as November.

Altseason Is About to Kick Off

Historically, an alt-season typically kicks off approximately 235 days following a Bitcoin halving event. A key indicator signaling the start of this alt-season is a significant drop in Bitcoin’s market dominance. As of now, we are at day 208 after the halving, which implies that we have around a month left before the alt-season starts.

In periods known as “alt-seasons,” cryptocurrencies such as Cardano experience extraordinary growth that surpasses previous records. A 3X increase is merely the beginning of what’s to come.

Can ADA Price Break Through?

On the one-month graph, Cardano’s price appears to have formed a double bottom pattern. It’s currently hovering close to the neckline. If this neckline is breached, there could be a significant jump in price, potentially reaching a 200% increase towards $2.5. This surge might even lead us back to its previous record high of approximately $3.09.

The upcoming influx of ADA from Robinhood is expected to significantly increase its price beyond the neckline, potentially causing a chain reaction where retail buyers push up the value of the cryptocurrency even further.

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2024-11-14 11:29