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Will Cardano Price Hit $0.5 In November?

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The Cardano price plunged 4.8% during the Sunday trading session to $0.33. The bearish downturn likely followed the Bitcoin price drop below $68,000 as the crypto market witnessed a surge in selling pressure ahead of the U.S. presidential election. Will the correction extend the ADA buyer coil counterattack for the surge to $0.5 in November?

Will Cardano Price Reach $1.05 This November? 

The cryptocurrency market is experiencing a renewed bullish momentum ahead of the U.S. presidential election in 2024. The Cardano price managed to leverage this broader market sentiment to shift its prevailing downtrend to sideways.

Since mid-June, the Cardano price has been resonating strictly between two converging trendlines, indicating the formation of a symmetrical triangle pattern. Theoretically, this pattern guides a temporary consolidation between a dimension, dynamic support, and resistance to republish the prevailing trend.

If the market corrections prolong, the ADA price could plunge another 2.8% to seek support at an ascending trendline intact since June 2023. Historical data shows the Cardano price reversal from this support has led to a recovery ranging from 35% to 250%. Thus, the ADA price could strengthen its grip over the asset at the bottom support and attempt a bullish breakout from the key resistance of current correctional at $0.37.

Crypto buyers need to achieve this breakout by mid-November if they aim to reach the $0.5 target by month’s end.

BINANCE:ADAUSDT Chart Image by sahilmahadik07BINANCE:ADAUSDT Chart Image by sahilmahadik07

Whale Accumulation and MVRV Data Hint at Cardano Price Recovery

According to santiment data, the 30-day market cap to realized cap ratio (MVRV) has recently plunged to a -6.37% mark. The MVRV ratio compares an asset’s market capitalization to its realized capitalization and helps determine whether the asset is overvalued or undervalued. 

Historically, the MVRV breakdown below -6% has formed local market bottoms. Generally, the negative value indicates a loss-making short-term trader could capitulate if the correction trend extends. Exit from these speculative traders often attracts long-term business and drives sustained recovery.

Cardano (ADA)Cardano (ADA)
30-day MVRV Ratio | santiment

Moreover, ADA buyers with wallets holding 100 million to 1 billion coins have drastically increased their accumulation from 2.06 billion to 2.95 billion over the last four months. This significant accumulation trend implies growing confidence among major investors in Cardano’s long-term potential.

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

Historically, such accumulation by large holders, or “whales,” is often a precursor to a price uptrend, as it indicates strategic buying and reduced sell pressure.  However, if the selling pressure at the overhead trendline persists, the Cardano price may extend the sideways action.

Frequently Asked Questions (FAQs)

This trend signals growing confidence among major investors and typically precedes a price uptrend due to strategic buying and reduced sell pressure

Cardano’s price could hit $0.5 if it successfully breaks out of the symmetrical triangle pattern by mid-November

A retest of the multi-month ascending support trendline intact since June 2023 could trigger a bullish breakout

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

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3 days ago

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November 2, 2024

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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

7 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

1 week 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 Staff

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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