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Analyst Says $5 ADA is Within Reach
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.
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.
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.
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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Most major altcoins witnessed a renewed recovery trend in November amid the U.S. election buzz and Donald Trump’s victory. The pioneer cryptocurrency, Bitcoin, entering price discovery further cemented the bullish narrative in the broader market. Among the top performers, the Cardano price recorded an 83% weekly surge, and still enough room for future growth.
By press time, the ADA price had traded at $0.58, with an intraday gain of 28.5%. According to Coingecko, the asset’s market cap was boosted to $20.58 billion, while 24-hour trading volume was at $2.53 billion.
Why Cardano Price Rally Isn’t Overbought Despite Massive Gains
In the last six days, the layer-1 cryptocurrency Cardano recorded an upright recovery from $0.326 to $0.58— an 83% price increase. An analysis of the daily chart showed this recovery with the increasing size of green candles and trading volume, indicating a sustained uptrend.
The strong momentum may be attributed to several factors, with the first being the potential impact of the 2024 U.S. election and Donald Trump becoming the 47th president. Additionally, Cardano’s recent partnership with BitcoinOS has enabled it to access $1.3 trillion in Bitcoin liquidity, significantly enhancing its decentralized finance (DeFi) ecosystem.
As per tradingview chart, the ADA price also breaches a key downsloping resistance of a triangle pattern. This breakout signals the buyers’ escape from a six-month consolidation, offering suitable support to drive a higher rally.
However, today’s surge in Cardano price is likely triggered by founder Charles Hoskinson’s plans to work with the U.S. government under Donald Trump on cryptocurrency legislation.
The aforementioned reasons provide a major boost for Cardano’s adoption and demand for its native cryptocurrency, positioning for further gains.
Large Holders Bet Big on ADA as Market Bottom Signals Emerge
According to Santiment data, the ADA whale holding 100 Million 1 Billion coins has significantly increased their accumulation from 2.06 to 2.93 since mid-April. Despite the prevailing downtrend, the large holders’ buying indicates their confidence in Cardano’s further growth.
Generally, this signal coincides with major market bottoms and reverses trends.
On the contrary, the recent surge in Cardano price is fueled by the aforementioned factors one after another. Thus, a rally of the same momentum is less likely to continue without more external factors.
Moreover, a sharp price increase is often followed by a short corrective phase for buyers to regain strength. If this happens, the ADA price could revert lower to seek support at key daily EMAs (20, 50, 100, and 200).
Frequently Asked Questions (FAQs)
Cardano’s price shows room for growth due to factors like a bullish pattern breakout, whale accumulation, key partnerships, and plans to collaborate with the U.S. government on crypto legislation
Following the breakout from a six-month downsloping triangle, Cardano’s price targets $0.8 as the next level
Larger holders accumulation reflects their confidence in Cardano’s long-term potential and often aligns with market bottom signals.
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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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.
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.
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.
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
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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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.
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.
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.
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.
Source link
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