- Cardano has surged to the $1.06 resistance level, accompanied by a significant increase in trading volume.
- The token’s open interest surges by 34%, whales accumulate, and daily transactions hit $22B.
- The market capitalization of ADA triples in 17 days. Analyst predicts ADA will hit $6 – $15 as the market cap triples.
Cardano (ADA) explored 30% in 24 hours with an increase of 150% in volume. The token price action has broken above the critical $1 resistance level. The accompanied volume surge indicates strong bullish momentum. Currently, the token is valued at $1.06, and the trading volume to $6.7B.
Experts believe that this is just the beginning for the token as it could hit further potential gains. The strong on-chain fundamentals and positive market sentiments anticipate a promising future for the project. Over the past two weeks, Cardino has witnessed a substantial price surge.
The price has increased by 120% increasing from the $0.80 mark, reaching its highest value since May 2022. Broader market dynamics and recent developments in the ecosystem contributed to the price increase.
ADA soars 30%, breaking the $1 resistance level: Bullsh Metrics Attracts Investors
The price of Cardino has benefited from an increase of 34% in the open interest and reached the level of $972 million. The short liquidation of the token reached $9.77 million in the last 24 hours. This may be an indication that the traders betting against the upsurge of the token were forced to close their positions. This forced the buying pressure and in turn, fuelled the ADA price growth during the crypto upsurge.
The market capitalization of Cardino has been increasing in the last 16 days. At the same time, the crypto recorded a realized profit of $165 million in a single day, the highest recorded value in the past 8 months. There is an increased community engagement in the social media discussion about ADA. This signifies that there is an increased interest in the token within the community.
Analysts Predict Further Upward Momentum
Technical analysts confirm further bullish momentum for ADA. Ali Martines, one of the prominent crypto analysts, believes that the recent rally is just the beginning of a larger upward trend for ADA. With the strong on-chain metrics and the increasing interest, analysts are predicting a potential price target of $6 to $15.
The key factor that has driven the recent surge of ADA is the increased accumulation of large inventors, known as whales. Analysts have noted a significant uptick in whale activity, with holdings increasing by over 100% in the past month. The interest from whales has led to a surge in the daily transaction volume, which has exceeded $22 billion.
Ali Martines has identified a bullish pattern emerging in its price action suggesting that the price could reach as high as $6. However, he emphasizes the relevance of the $0.80 support level. The huge purchase of 1.2 billion ADA by 48000 addresses happened at this level. This is a significant level and crucial for sustaining the current upward trend.
The project could provide a solid foundation if this support level holds. As the crypto -market continues to evolve, the strong on-chain metrics and increasing investor interest in Cardino could position it as a potential leader within the crypto space.
Crypto Analyst Dan Gambardello analyzed the trajectory of ADA over the past three weeks market with nearly 200% growth by mirroring its previous performance patterns. As per his analysis, there is a key support zone around $0.80 and resistance near $1.05 that suggests further upside potential. As per the analysis, ADA can set a target as high as $10.
Cardano (ADA): Current Price Analysis
The current trading volume of ADA is $8,694,422,805 for the last 24 hours. This indicates an increase of 123.40% from the previous day. This is an indication of the recent rise in the market activity of ADA. The market capitalization of the token is $38,964,399,558. It has a total supply and maximum supply of 45,000,000,000.
The lowest recorded price of ADA on March 13, 2022, was $0.01925. Compared to the lowest price, the current price of the token has increased by 5,562.04%. The token has increased by 50.70% in the past seven days. Currently, ADA is outperforming the global cryptocurrency market and other similar cryptocurrencies.
The surge of Bitcoin has boosted altcoins like ADA. On November 5, Cardino was experiencing a low of $0.326. The currency-optimistic approach to the token can enhance further growth and adoption of the token.
The upsurge triggered analysts and investors to predict the future potential of the token price, which ranged from $1.0 to as high as $15.
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