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Cardano Price Mirrors 2020 Rally, Will ADA Hit $6?

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5 hours ago

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The crypto market is gradually gaining momentum for a Q4 rally as Bitcoin entered the $70,000 region. Amid the renewed bullish sentiment, the Cardano price shows the potential for a massive surge as it mirrors the formation of a 2020 rally.

By press time, the ADA price had traded at $0.35, with an intraday loss of 1.87%. According to Coingecko data, Cardano’s market cap holds at $12.38 Billion with a 24-hour trading volume of $336.4 Million.

Cardano Price Action Reflects 2020 Rally, Can ADA Hit $6?

The layer-1 cryptocurrency Cardano has shifted its prevailing correction trend sideways above the $0.034 price level. This consolidation in the weekly chart shows a local bottom formation around 30% higher than the previous low of $0.024.

A closer look at ADA’s current trajectory reveals intriguing similarities to 2020-style price formation, which triggered a rally to $3.1 All-time-high. The historical data shows that the Cardano price prediction drives a major accumulation phase for buyers to onboard and for a stable bottom.

The historical data shows that the Cardano price drives a major accumulation phase for buyers to onboard, recuperating the bullish momentum. The crypto market today shows the ADA price is forming to second before kick-starting its actual rally.

The upcoming U.S. election is likely to influence the momentum of the potential rally if a crypto-friendly candidate is elected. If history repeats, the Cardano price could surge by over 1600% to hit the psychological level of $6.

Cardano PriceCardano Price
ADA/USDT -1d Chart

Whale Accumulation Signals Potential ADA Price Reversal

The supply distribution data from Santiment shows the largeholders’ preparation for ADA coin reversal with major accumulation trends. From mid-April 2022, whale wallets containing between 100 million and 1 billion ADA have collectively boosted their accumulation from 2 billion to 2.94 billion ADA.

This substantial accumulation by major investors suggests a strong belief in ADA’s potential for price appreciation. Such behavior often indicates that these large holders anticipate a market reversal or a bullish trend in the near future.

Cardano (ADA) Cardano (ADA)
ADA Supply Distribution | Santiment

On a contrary note, if ADA sellers continue to defend the $0.42 barrier, the price reaction could extend its sideways action and delay a bullish breakout.

Frequently Asked Questions (FAQs)

Cardano’s current price action is showing strong similarities to its 2020 trajectory, which led to a significant rally and an all-time high of $3.1.

The upcoming U.S. election could influence the momentum of a potential rally, particularly if a crypto-friendly candidate is elected.

This substantial accumulation suggests strong confidence in ADA’s potential for a price reversal or upward trend.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Can Cardano Price Hit $5 If Bitcoin Hits $300,000?

Published

5 days ago

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October 29, 2024

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Cardano price could be on the precipice of a massive upside move as Bitcoin eyes an ambitious $300,000 milestone. Analysts have speculated how this could happen in the next 10 to 18 months as BTC’s price looks to clear an 8-month consolidation zone. Can Bitcoin’s momentum drive the price of Cardano to $5 and beyond?

Why Is Cardano Price Up Today?

On October 29, the ADA price increased by 4.6% to trade at $0.3491 during the London pre-market hours. This increase is likely attributed to Bitcoin’s surging above the psychological resistance level of $70,000, which has investors hoping for a new all-time high in the coming days. The crypto market is up 2.5%, with meme coins leading the rally.

Can Cardano Price Hit $5 If Bitcoin Hits $300,000?
ADA/USDT Price Chart

Additionally, analysts foresee Cardano price surging in the future as they recently announced an ADA-BitcoinOS bridge that could capitalize on the $1.4 trillion BTC market by bringing DeFi to the king of crypto

This news has caused Cardano’s social dominance to surge, leading to the ‘Cardano’ term trending on X. Spikes in social dominance suggest that an asset is being heavily discussed on social media platforms, and if the discussions are positive, they are usually followed by a price increase.

Cardano social dominanceCardano social dominance

With Bitcoin price rising, speculation on how Cardano becoming a Bitcoin L2 could pump the price of ADA has saturated the crypto space.

Will ADA Price Hit $5 If Bitcoin Soars to $300K?

Famous crypto analyst PlanC has predicted, using his popular Power Law indicator, that Bitcoin price will reach $150,000 to $300,000 within the next 10 to 18 months. He notes that the last eight months have been a healthy consolidation, and once BTC breaks above the $80,000 mark, “the probability of ever dropping below $60k will be extremely low.”

 

Crypto trader Zach Humphries thinks Cardano price will set new all-time highs around $5 during this cycle. This would push the ADA market cap to around $178 billion, with 35 billion coins circulating.

This prediction is likely since the highest price Cardano has ever reached was $3.10. Currently, ADA is 89% down from the ATH, presenting a massive 1300% potential increase from the current price. 

If Cardano founder Charles Hoskinson executes his vision with BitcoinOS to bring BTC into the crypto fold, the price of ADA will soar even higher than $5.

Cardano Price Analysis: Key Levels To Watch

Cardano price action is not pretty, even though the market is green. The asset is up only a few percentage points, but the market structure is mostly bearish, with several strong resistance levels up ahead. 

However, this should not be a worrying factor, as ADA prices have been known to surge aggressively during bull markets.

Key levels to watch include $0.43, which marks the immediate resistance, and beyond that, $0.67, which coincides with the 78.6% Fibonacci retracement level. Conversely, Cardano may find support between $0.20 and $0.3 if bears push the price down. 

Can Cardano Price Hit $5 If Bitcoin Hits $300,000?Can Cardano Price Hit $5 If Bitcoin Hits $300,000?
Cardano Price Analysis Chart

While analysts are extremely bullish on the ADA price in the long term, the short-term prediction for the asset is neutral to slightly bullish. However, this outlook can change at any moment if market conditions shift. A clear breakout above $0.67 will change the outlook to extremely bullish, while a break down below $0.3 will turn the prediction bearish.

Frequently Asked Questions (FAQs)

Cardano’s price recently increased by 4.6%, likely due to Bitcoin surpassing the $70,000 mark. This rise in Bitcoin’s price often boosts the broader crypto market, with meme coins and other assets like Cardano gaining as well.

Many analysts suggest that Cardano (ADA) could reach or exceed $5 if Bitcoin achieves $300,000. The correlation with BTC and potential developments, like the ADA-BitcoinOS bridge, are strong drivers that could propel ADA to new highs.

The ADA-BitcoinOS bridge is a project aiming to connect Cardano with Bitcoin’s vast market, allowing decentralized finance (DeFi) services to tap into Bitcoin’s ecosystem. This could significantly boost ADA’s value by increasing its use and visibility in the crypto space.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Is Cardano Price on Track to Hit $1 In November?

Published

7 days ago

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October 26, 2024

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Cardano price has recently shown significant movement, with the token eyeing the potential to reach $1 in the near future. The proof-of-stake blockchain asset has gained traction, although recent corrections have introduced a bearish sentiment. 

After breaking below the $0.45 resistance level, Cardano faces increased volatility, with varied forecasts from cryptocurrency trackers suggesting caution and optimism.

Can Cardano Price Reclaim Its $1 Price Level?

Cardano could have a real shot at reclaiming the $1 price level by year-end. As the recent data, ADA price trades around $0.33, far from its past all-time high (ATH), but a rally of around 185% could push it back to the desired $1 mark. 

This ambitious goal requires Cardano to maintain a steady upward trajectory driven by market optimism and technical support.

Several factors fuel the potential for ADA’s surge. Increased adoption, network upgrades, and positive sentiment in the crypto market could act as catalysts. If these elements align, there’s a realistic path for ADA to break through significant resistance levels at $0.50 and $0.70 before challenging the $1 mark.

Is Cardano Price on Track to Hit $1 In November?Is Cardano Price on Track to Hit $1 In November?
Cardano Price Chart: Source: TradingView

Bitcoin is currently holding firm above the $67,000 mark while the broader crypto market faces turbulence. Despite Bitcoin’s resilience, many cryptocurrencies are under pressure, reflecting a broader market downturn that has shaken investor confidence. Ethereum has also been impacted, struggling to reclaim its position at nearly $24,000.

The crypto market’s performance highlights the ongoing challenges, with high volatility affecting both major and minor digital assets.

Cardano Whale Activity Sparks Volatility

The whale transaction activity in Cardano shows notable fluctuations in line with the asset’s price movements. ADA’s price has recently seen significant volatility, especially with high-value transactions exceeding $100,000.

From late April to October, ADA’s price and whale transactions have demonstrated a fluctuating pattern. Peaks in transaction volumes often correspond with price shifts, suggesting that large holders are actively moving their holdings, possibly in response to market conditions. Periods of high transaction volume hint at attempts by whales to capitalize on market opportunities or mitigate potential losses.

Is Cardano Price on Track to Hit $1 In November?Is Cardano Price on Track to Hit $1 In November?
Source- Santiment

Cardano’s path to reclaiming the $1 price level hinges on favorable market conditions, continued adoption, and strategic upgrades. While whale transactions and market volatility present challenges, these factors also highlight the interest and influence of major stakeholders in ADA’s future.

Frequently Asked Questions (FAQs)

Cardano’s price is affected by market sentiment, adoption rates, network upgrades, and whale activity.

While challenging, reaching $1 by year-end could be possible if Cardano maintains bullish momentum, adoption grows, and market conditions improve.

Large transactions by major holders can increase volatility, impacting short-term price movement based on buying or selling volumes.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Analyst Says $5 ADA is Within Reach

Published

1 week ago

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October 23, 2024

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Cardano price is on the verge of a major rally, according to an analyst who believed the crypto asset could reach a $5 valuation. With a strong and growing foundation in the blockchain space, Cardano is well-positioned for substantial growth. The analyst emphasizes that Cardano’s well-established reputation and potential ETF approval drive this bullish outlook.

ADA price is trading at $0.3631, which represents an increment of 0.1% in the last 24 hours. 

Cardano Price Set to Soar: Analyst Says $5 ADA is Within Reach

On the weekly chart, Cardano has gained 1.7% and is slowly rising. The asset is in a bullish structure that promises a 33% breakout, but that is only the beginning of its bullish future.

Growth Factors For Cardano Price To Soar to $5

Popular YouTube crypto analyst Crypto With James shared his insights into ADA. He thinks the asset is headed to $5, which is a significant upside from the current $0.36 per coin.

Among other things, he cites several things that could spur the price of ADA to $5:

  • Smart contract compatibility on the network has led to a growth spurt in development since 2021.
  • Plutus, Helios, and other advanced developer tools on the Cardano network have improved the onboarding process for developers, making it easy to create decentralized applications (dApps).
  • The presence of account abstraction and Zero-knowledge primitives enhances privacy and allows users from other chains to interact seamlessly with Cardano.

According to Santiment data, development activity on Cardano has been ranging for nearly one year since crashing in December 2023. Although Cardano development activity has dropped by 14% in the last seven days, Santiment also shows it remains the fourth largest crypto asset in network and protocol development.

Cardano Price Set to Soar: Analyst Says $5 ADA is Within ReachCardano Price Set to Soar: Analyst Says $5 ADA is Within Reach

Developers and analysts expressed optimism about Cardano’s future, citing its robust infrastructure and potential for significant ADA price appreciation.

ADA Price Analysis Reveals Path to $0.55?

The Cardano price action is consolidating within an ascending triangle, showing higher lows but relatively consistent highs, indicating a potential buildup for a breakout. There has been sustained selling pressure since mid-2023, as indicated by the downward-sloping red trendline, which has acted as dynamic resistance multiple times (denoted by red arrows).

On the way up, Cardano price may encounter resistance at $0.4501, which aligns with both the upper bound of the trendline and the 200-period moving average (black line), representing a strong psychological barrier. Price needs to break decisively above this level to confirm a reversal in the trend toward $5.

Cardano priceCardano price
Cardano Price Analysis Chart

Strong support around $0.310 has consistently held during the recent downtrend. However, if the price breaks below this level, it could signal market weakness, turning ADA bearish. Cardano would find lower support, around $0.28 and $0.23.

Can Cardano Price Reach $5?

Yes. The probability of ADA surging to $5 is not out of this world. Currently, ADA’s market cap stands at $12 billion. From the current price to $5, that would be a 1,288% increase. Factoring this into the market cap and assuming supply remains the same, Cardano would swell to a $166 billion market cap.  This is not a far-fetched figure, as the Cardano price hit an all-time high of $3.10 in the 2021 bull run.

Frequently Asked Questions (FAQs)

Analysts believe Cardano could surge to $5 due to its growing development, smart contract compatibility, and optimism about potential ADA ETF approval.

Cardano is currently in a bullish structure, with a potential 33% breakout on the horizon. If it breaks above key resistance levels, analysts believe it could start its journey toward $5.

Yes, analysts see a realistic possibility of Cardano reaching $5 during the next bull run. This would represent a 1,288% increase from its current price.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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