Cardano
Why Cardano Price Jumped 17% After Breaking Resistance
Published
5 hours agoon
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adminCardano (ADA) price has emerged as a top performer in the latest crypto market surge, recording over 17% growth within 24 hours. This significant price increase aligns with gains seen across various cryptocurrencies, reflecting renewed interest and positive momentum in the crypto space. With ADA breaking key resistance levels, the altcoin shows potential for continued upward movement, signaling a favorable outlook in the evolving digital currency landscape.
Cardano Price Surges 17% After Breaking Key Resistance Level
The latest ADA price has surged 17% in the last 24 hours, reaching $0.4236 and hitting a four-month high. This jump followed a broader market rally, with Cardano rebounding over 23% in the past week after breaking through a multi-month downtrend. The crypto market gained momentum after Donald Trump’s victory in the 2024 U.S. presidential election, fueling optimism across digital assets.
Bitcoin, leading the charge, set a new all-time high of $76,943 on November 7, while Ethereum also rose above $2,900. Cardano’s strong performance highlights renewed investor interest, pushing it past key resistance levels and outperforming other top crypto markets in recent gains.
Address Activity and Whale Transactions Fueling the Surge
Data reveals that Cardano has hit notable milestones during this surge. A record-breaking 37,892 unique ADA addresses engaged in transfers in a single day, marking the highest address activity since early September.
Furthermore, substantial transactions of $100,000 or more reached 697 on the same day, indicating intensified activity from large investors, or “whales,” the highest count since early September.
The latest rally has pushed Cardano above the $0.43 mark for the first time since July, a promising sign for ADA enthusiasts. This sustained increase in address activity and whale transactions suggests heightened market confidence, with potential FOMO building among retail investors. As Cardano rides this bullish wave, the community watches closely to see if the momentum will continue.
🚀 Cardano has been one of the notable surprise altcoins taking flight during this crypto-wide pump. Now up over +25% in the past 3 days, we may be seeing some retail FOMO coming soon. This has been a long time coming for the patient ADA community. pic.twitter.com/Ph2ZFFKnIU
— Santiment (@santimentfeed) November 8, 2024
Analyst Eyes 100% Upside for ADA Price
Crypto analyst recently hinted at a promising potential for an ADA price surge. According to his analysis, ADA could witness a 100% upward movement, suggesting a major breakout is on the horizon. The analyst highlights a prolonged period of price consolidation, with ADA forming a consistent descending trendline.
Breaking this trendline could pave the way for significant gains, possibly doubling ADA’s current value. Technical indicators hint at a shift in momentum, adding weight to the analyst’s forecast. The volume profile also shows increased buying interest, indicating rising investor confidence.
#ADA: Watch out, 100% move possible. #Cardano pic.twitter.com/79qUqfAxnV
— Mind Trader (@mindandtrading) November 8, 2024
Cardano’s recent breakout, record address activity, and rising interest from major investors create a strong case for its growth. The top coin could maintain its momentum with favorable market conditions and potentially approach $1 soon.
Frequently Asked Questions (FAQs)
Cardano surged after breaking resistance and amid a crypto market rally.
Increased whale activity, high address engagement, and breaking resistance fueled it.
It indicates rising user engagement, which boosts confidence and interest in ADA.
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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From Smuggling Gold Out of Africa to Bridging Bitcoin and Cardano
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adminA longtime regular on the crypto scene, Sovryn and BitcoinOS founder Edan Yago learned the importance of financial sovereignty at an early age.
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Cardano founder Charles Hoskinson Has Change of Heart for Bitcoin, Here’s Why
Published
2 weeks agoon
October 26, 2024By
adminCardano founder Charles Hoskinson recently had a change of heart about Bitcoin and believes that the BTC DeFi market will be bigger than the Solana and Ethereum markets in the future. His recent comments come nearly two months after Hoskinson said that “we don’t necessary need Bitcoin” and “I don’t see how Bitcoin survives”. But what’s causing this change of heart for Hoskinson? Probably, it’s the recent integration of the Cardano blockchain with the BTC blockchain.
Cardano founder Charles Hoskinson Turns Bullish on Bitcoin
In a groundbreaking integration a day before, the Cardano blockchain joined the Bitcoin network as a BitcoinOS Grail bridge. This move will open the decentralized finance (DeFi) market for the world’s largest asset class.
Following this development, Hoskinson said that he would re-launch the Bitcoin Education Project in 2025. Additionally, he plans to introduce Aiken education for BTC developers with key resources hosted on GitHub’s Hyperledger Identus repository.
Furthermore, Charles Hoskinson shared that with the implementation of Babel fees, BTC developers will be able to create hybrid Cardano-Bitcoin applications using Aiken and pay transaction fees in Bitcoin.
The Cardano founder said that this marks the beginning of DeFi on Bitcoin, and believes that it could surpass the achievements of both Solana and Ethereum in the future.
From BTC Bashing to Praising
Two months before, the Cardano founder created a major uproar in the crypto industry while criticizing BTC’s role in the industry. In a video that surfaced on social media, Hoskinson said that the crypto sector no longer needs BTC. Interestingly, he also believes that Cardano can flip Bitcoin and Ethereum in the long run.
“Bitcoin needs the industry to survive… But the industry doesn’t need Bitcoin anymore. I just don’t see how that survives. It’s a religion, its not an ecosystem. So no, we don’t necessary need Bitcoin,” he said.
However, what Hoskinson was particularly pointing out is that BTC needs to adapt to change, or else it could lose the first-movers advantage. Now that Bitcoin is taking a move further towards DeFi, Hoskinson seems to be excited again about the BTC ecosystem growth.
The Cardano founder has been also sharing his opinion on the recent political developments in the US. Earlier this week, he slammed Kamala Harris for calling Donald Trump Hitler.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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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ADA
Cardano Bullish Pattern Suggests A Breakout – Can ADA Reach $0.54?
Published
3 weeks agoon
October 17, 2024By
adminCardano (ADA) is crucial following days of heightened volatility and excitement among crypto investors. While other altcoins have experienced significant pumps, Cardano has yet to see the same breakout, leaving analysts and traders searching for confirmation of a bullish trend.
Despite the lack of a major move, optimism remains high for ADA as market watchers await a signal to ignite the rally.
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Top analyst and investor Carl Runefelt recently shared a technical analysis suggesting that Cardano could be on the verge of a bullish rally, potentially pushing ADA to $0.54.
This prediction has generated excitement within the Cardano community, but the next few days will be critical in determining whether ADA can follow through with a breakout.
As the market remains volatile, traders will closely monitor Cardano’s price action for signs of a confirmed uptrend.
Cardano Holding Above Key Level
Cardano is trading above a key resistance level at $0.33, sparking optimism among analysts and investors. This crucial price point could be the springboard that propels ADA to new highs.
Analysts in the crypto community believe that Cardano is poised for a breakout, and some expect a rally in the coming days.
Prominent investor and analyst Carl Runefelt recently shared a technical analysis on X, highlighting a bullish pattern forming on Cardano’s chart. According to Runefelt, if ADA manages to break this pattern to the upside, the next target could be as high as $0.54, representing a potential 58% gain from current levels.
This prediction has generated excitement, as ADA holders are looking for signs of a sustained upward trend after a period of consolidation.
However, not all scenarios point to a smooth ride for Cardano. If ADA fails to break above this pattern, further consolidation or a potential correction could be on the horizon.
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The $0.33 level is now a key marker for traders and investors to watch closely in the coming days, as it could signal the beginning of a major price move—or the continuation of a more uncertain path for Cardano.
ADA Technical Analysis
Cardano’s (ADA) price action has been underwhelming compared to other altcoins. Currently trading at $0.34, ADA has seen a 7% decline from its recent high of $0.37 set on Tuesday. Despite some volatility, the price remains below the critical 200-day exponential moving average (EMA) at $0.40, following a failed breakout attempt in late September.
For the bulls to regain control, ADA must reclaim the $0.40 level and push toward setting a new local high above $0.41. A breakout above these levels would signal a potential momentum shift and spark renewed optimism among investors.
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However, exceeding the $0.34 mark could lead to further downside pressure. If this level is lost, a correction to lower demand areas around $0.30 is expected. Traders are watching closely, as this level could determine whether Cardano will continue to underperform or regain its footing in the market.
Featured image from Dall-E, chart from TradingView
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