The Cardano network has reached a significant milestone by successfully deploying its first zero-knowledge (ZK) smart contract on the mainnet. This achievement utilizes the Plutus v3 ledger language, marking a step forward for the network’s capabilities. The ZK smart contract Halo2 will allow zero-knowledge applications and partner chains, such as Midnight, to integrate with Cardano. […]
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As Bitcoin continues to move above the $90,000 mark, Altcoins began to reach new highs. The sector has recently reclaimed a key two-year level that could set the stage for a retest of 2021’s highs. Some analysts consider that Altcoins’ recent performance could kickstart the long-awaited Altseason. Related Reading: How High Can XRP Price Realistically Go After Gensler’s Resignation? Altcoins Market Cap Reclaims 2022 Levels The total crypto market has seen a remarkable performance for the past 21 days, jumping to a market capitalization of $3.36 trillion. This surge, fueled by the US elections on November 5, has led Bitcoin’s price to a 40% increase to its latest all-time high (ATH) of $99,645. Similarly, Altcoins have started to record their best performance in years, with tokens like Cardano (ADA) and XRP (XRP) surpassing the long-awaited $1 mark. Meanwhile, cryptocurrencies like Solana (SOL) and SUI (SUI) hit new ATHs recently, igniting investors’ bullishness for the cycle’s second leg up. The community has also expressed optimism for the ‘King of Altcoins’ recent performance after Ethereum (ETH) recovered the key $3,300 support zone last week. The crypto market’s performance has led the Altcoins’ market capitalization to hit a two-year high and reclaim key levels. Notably, the total cryptocurrency market cap, excluding Bitcoin and Ethereum, surpassed the Q1 2024 high of $788 billion as BTC soared past the $90,000 resistance. The momentum led the Altcoins market cap to break above the $840 billion mark last week, a level not seen since April 2022. Since then, Alts have held above this range despite the market retraces, turning this horizontal level into support. Additionally, it neared May 2021’s high of $984 billion, a crucial resistance level ahead of the Altcoins market cap ATH of $1.13 trillion. Altseason To Start Soon? According to Bitfinex’s Alpha report, this marks Altcoins’ “largest through-to-peak move” since April 2021. The 23.2% increase hints at an increasing investor appetite, leaving behind the previous “start of the bear market” levels. This movement “indicates a rotation of speculative capital and interest from Bitcoin into Altcoins as retail market participation increases,” the Bitfinex analysts explained, which tends to mark “the onset of the final stage of the bull market where altcoins begin to outperform Bitcoin on an aggregate basis.” Crypto analyst MikyBull pointed out that Alts dominance “just climbed above the trend ribbon” on Tuesday. The analyst’s chart, which excludes the top 10 cryptocurrencies by market cap, displayed Altcoin’s dominance at 10.37%, breaking above the multi-month downtrend line. Per the post, this has indicated before that “Alts are about to outperform in the next coming weeks.” Similarly, he highlighted a breakout from a multi-year cup and handle pattern in the Altcoins’ chart. To him, the Alts have started running after breaking out from the pattern’s neckline, and investors will see the “full potential of the Altseason” from December to March 2025. Related Reading: Polygon: Analyst Sets ‘Wild’ Price Target Amid POL’s 38.2% Weekly Surge Meanwhile, Bitfinex forecasted that “lower timeframe upside seems to be limited for altcoins” due to its resistance at May 2021 levels. Nonetheless, the report noted that breaking above the $984 billion resistance would signal a continuation of altcoins ascend. Ultimately, Bitfinex’s analysts consider that a larger Bitcoin correction could have a “magnified” effect on altcoins, and they expect, “at minimum, a period of ranging after a week full of consistently high liquidation numbers for both longs as well as shorts for altcoins.” Featured Image from Unsplash.com, Chart from TradingView.com
On-chain data shows the adoption of Cardano is now happening at the fastest pace since June 2023, a sign that could be bullish for ADA’s price. Cardano Has Registered An Uptick In New Addresses Recently According to data from the market intelligence platform IntoTheBlock, the ADA network has been growing recently. The on-chain metric of […]
Cardano (ADA) surged past the $1 mark over the weekend, marking a significant milestone in its recent rally. However, after reaching a multi-year high of $1.15, the cryptocurrency is now navigating a 17% correction as profit-taking sets in. Despite the pullback, the long-term outlook for Cardano remains bullish, fueled by renewed market momentum over the past three weeks. The price action reflects a maturing market, with ADA consolidating gains and building a foundation for its next move. On-chain data from IntoTheBlock highlights robust growth in network activity, signaling increased interest and adoption. This uptick in activity suggests that the consolidation phase could be temporary as the broader market gains strength. Related Reading: Bitcoin Realized Profit Hits ATH At $443 Million – Local Top Or Continuation? Cardano’s ability to maintain key support levels during this correction will be crucial in determining its next direction. Analysts are optimistic that the network’s growing fundamentals and favorable macro environment will drive ADA to new heights. As traders and investors monitor the $1 support level closely, Cardano’s evolving network metrics and bullish sentiment hint at a potential breakout shortly. Whether ADA’s price action will capitalize on these factors remains a key question for market participants. Cardano Daily Active Addresses Growing Cardano’s network activity shows strong growth signs, with daily active addresses increasing significantly. On-chain data from IntoTheBlock reveals that the number of new user addresses has reached its highest since June 2023. This surge in network activity signals growing adoption and increased interest in the Cardano ecosystem, which is crucial for its long-term development. Over the weekend, Cardano reclaimed the $1 level, marking an important psychological milestone. While the price is currently consolidating, this movement comes amid a surge in network growth, indicating that market participants remain optimistic about ADA’s future. IntoTheBlock’s analysis on X suggests that Cardano could be preparing for a bullish breakout, with the potential to rise to new price levels as the current consolidation phase stabilizes. Despite the recent pullback from its multi-year high of $1.15, Cardano is still well-positioned for further growth. ADA remains more than 230% away from its all-time high (ATH), around $3.1, suggesting significant room for upside as the network matures and attracts more users. Related Reading: Bitcoin Rally Benefits From US Buyers – Coinbase Premium Gap Reveals Strong Demand If the price maintains support above the $1 level and network growth continues to trend upwards, Cardano could be primed for its next bullish move. With the growing number of daily active addresses and a significant gap to its ATH, the potential for a strong rally remains intact. Investors are watching closely to see if Cardano can sustain this momentum and capitalize on the surging network activity in the coming months. ADA Demand Remains Strong Cardano is trading at $0.93 after an impressive 250% run from November 5 to its yearly high of $1.15. The price has since retraced more than 17% since Saturday morning’s peak, as it now attempts to find strong demand above the $0.90 level. This retracement is part of the natural consolidation process following a sharp rally, and ADA must hold above $0.90 to maintain bullish momentum. If ADA manages to hold above this level, it could position itself for a potential breakout, with the next key supply levels lying above $1.25. Such a move would indicate that the current pullback is simply a healthy correction before another leg up. However, if ADA loses the $0.90 level and fails to reclaim support, a deeper correction could follow, potentially bringing ADA to test lower levels. In that case, the next critical support zone would likely be closer to the $0.80 mark, where ADA might find further demand. Related Reading: Massive Ethereum Buying Spree – Taker Buy Volume hits $1.683B In One Hour Overall, ADA’s price action remains bullish in the longer term, but it needs to maintain support above the $0.90 mark to continue its upward trajectory and reach new supply levels above $1.25. Featured image from Dall-E, chart from TradingView
Charles Hoskinson, the founder of Cardano, has publicly criticized the Wyoming Stable Token Commission’s recent blockchain network selections for the state’s upcoming stablecoin, the Wyoming Stable Token (WST). In a livestream titled “XRP and Wyoming” broadcasted on November 25, 2024, Hoskinson questioned the commission’s opaque selection process and raised concerns about potential conflicts of interest. […]
Cardano blockchain founder Charles Hoskinson has shared a vision of building an “ecosystem of hybrid apps powered by DeFi-enabled Bitcoin.” In a Nov. 26 post on X (formerly Twitter), Hoskinson highlighted his renewed interest in Bitcoin’s foundational code while noting that adding a DeFi layer to the top digital asset could restore its innovative edge. […]
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Bitcoin’s failure to cross above $100,000 could extend the current price pullback. The real question is whether or not bulls will buy the dip.
Cardano founder Charles Hoskinson has threatened legal actions over the blockchain network’s omission from the Wyoming Stablecoin project. In a Nov. 25 video broadcast on social media platform X, Hoskinson accused the Wyoming Stable Token Commission of favoring certain blockchains and ignoring transparency. He noted that his company, Input Output Global (IOG), had served in […]
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In a livestream on November 25, Charles Hoskinson, the founder of Cardano and CEO of Input Output Global (IOG), voiced serious concerns over the Wyoming stablecoin project, highlighting what he perceives as procedural misconduct and unfair exclusion of the Cardano blockchain. Cardano Founder Speaks Out Hoskinson began by recounting the initial optimism surrounding the Wyoming […]
Dogecoin, XRP, Stellar and Sandbox saw a larger liquidation share than usual as some top altcoins from the 2020-2021 cycle soared as high as 50%.
Cardano (ADA), currently ranked as the ninth-largest cryptocurrency, has emerged as one of the market’s top performers. It has experienced an impressive 108% increase over the past two weeks, propelled its price to a 32-month high, fueled by a wave of bullish sentiment following Donald Trump’s presidential victory on November 5. Potential For Cardano To Reach New All-Time Highs Crypto analyst Ali Martinez recently highlighted ADA’s massive performance in a post on X (formerly Twitter), noting that the cryptocurrency has surged nearly 200% in the last three weeks. Despite this significant increase, Martinez suggests that even greater gains may be on the horizon. In his analysis, Martinez pointed out that whales and institutional investors strategically positioned themselves for future price movements. He reported that the volume of large transactions on the Cardano network has surpassed $22 billion daily, indicating a high accumulation level among significant holders. Notably, whales—individuals or entities holding between $1 million and $10 million in ADA—have increased their positions by over 100% in the past month, signaling confidence in Cardano’s potential. Related Reading: XRP Price Outlook Brightens: Expert Predicts $2 Target Post-Gensler Era Martinez further elaborated on ADA’s price action, suggesting that the ongoing buying pressure mirrors patterns observed in previous bullish cycles. He posits that if this trend continues, Cardano’s price could target the $6 mark, which would nearly double its all-time high of $3.09 reached during the 2021 bull run. Such a price increase would represent a staggering 461% surge from its current levels. Yet, for this bullish thesis to hold, Martinez emphasizes the importance of $0.80 support. The analyst notes that approximately 48,000 ADA addresses purchased nearly 1.20 billion coins at this price point, which may provide a solid foundation for future growth. Previously, Martinez predicted that if history repeats itself, the Cardano price could see a market top by September 2025, suggesting 10 months of what could be one of the biggest gains not only for ADA but for the broader crypto market. ADA Price Targets $1.25 Resistance Level Further supporting Martinez’s bullish predictions, other analysts have weighed in on Cardano’s (ADA) recent performance. Rekt Capital has noted a “phenomenal run” for ADA, indicating that the cryptocurrency has confirmed a new macro uptrend. Rekt highlighted that the last time ADA broke through the $0.72 level, the price subsequently rallied to its $3 record peak, suggesting a similar potential for future growth. Related Reading: Ethereum Attempts Key Breakout: Analysts Set Next Target As ETH Reclaims $3,200 Another analyst, known as Sssebi, shared his insights predicting that once ADA surpasses the $1.60 mark, it could experience a swift ascent to $2.40. He emphasized that this upward momentum would set the stage for an all-time high to be within reach. However, the analyst also cautioned that the next resistance area to watch is at $1.25, indicating that while the outlook is optimistic, a retracement could occur in the near term. At the time of writing, ADA was trading at $1.07, down 1% for the 24-hour period. Featured image from DALL-E, chart from TradingView.com
The cryptocurrency market has continued to sparkle in the historically bullish month of “Moonvember,” with the market leader Bitcoin setting the pace in the space. However, the Cardano price performance in the past week is undoubtedly one of the best the market has seen in recent weeks. The ninth-largest cryptocurrency has finally reclaimed the $1 […]
Cardano (ADA) has had one of the best performances over the last three weeks, surging over 200% toward a 2.5-year high. Today, the cryptocurrency rose over 20% to break above the $0.90 mark, fueling a bullish sentiment for the long-awaited $1 target. Related Reading: Ethereum Attempts Key Breakout: Analysts Set Next Target As ETH Reclaims $3,200 Cardano Makes New Year-High Above $0.90 On Friday, Cardano broke past the $0.81 resistance and skyrocketed toward the $0.90 mark, making a new year-high of $0.97. This performance represents a 22% surge in the last 24 hours, driving the token to its highest price since late April 2022. Cardano peaked above the $3.10 mark three years ago but lost its bullish momentum as the crypto market struggled, hitting its lowest price of $0.22 in June 2023. Since dropping 92% below its all-time high (ATH), ADA has been heavily criticized for underperforming the rest of the market. Nonetheless, the cryptocurrency recovered during Q1 2024 highs, reaching the $0.81 mark before losing 66% of its gains in the next few months. The recent market rally has seen ADA outperform most altcoins in the last three weeks, renewing interest in the cryptocurrency. According to CoinGlass’ data, Cardano’s open interest (OI) surged by 28.25% in the past 24 hours, hitting $855.5 million today. Additionally, it has jumped over 11% in the past four hours, suggesting increased activity and confidence among crypto traders. ADA To Hit $1 Soon? Cardano investors and crypto analysts have recently expressed their bullishness over ADA’s “fire” performance. Crypto analyst Ali Martinez noted that Cardano has surged over 200% this month, fueled by whales and institutional investors. Per the post, the volume of large ADA transactions on the network had increased by over 297% since the US election, reaching $22 billion on November 19. Martinez signaled that these large transactions are related to high accumulation levels, as whales holding $1 million to $10 million in ADA increased their positions by over 100% in the last 30 days. He also highlighted that ADA seems to be mirroring its 2020-2021 price action. As reported by NewsBTC, the analyst has suggested the cryptocurrency is set to experience a 2,000% run toward the $6 mark if it continues to follow its past behavior. Related Reading: Crypto Community’s Revenge: Solana Memecoin Rug-Pulled By Gen Z Trader Hits $80 Million Market Cap As the price soared past $0.90, Martinez pointed out that the $0.80 resistance, where 48,000 addresses had bought 1.2 billion ADA, was a “key area of support to watch for the bullish thesis to hold.” Analyst Sebastian highlighted that, after the $0.80 resistance, “there isn’t much resistance until $1.2.” As such, ADA could potentially see “an explosion from here” and target the long-awaited $1 mark over the weekend. As of this writing, ADA is trading at $0.97, a 46% increase in the last seven days. Featured Image from Unsplash.com, Chart from TradingView.com
Cardano (ADA) is making waves in the crypto market, surging past the $0.8119 level in a bold display of bullish strength. This breakout marks a significant turning point, signaling growing confidence among investors and renewed optimism for ADA’s price. With this critical resistance now in the rearview, Cardano is set to aim even higher. Could this be the beginning of a sustained rally that pushes ADA to new heights? As market sentiment improves and the bulls take charge, the focus is on analyzing Cardano’s surge beyond the $0.8119 level, exploring the key drivers behind its rally, and evaluating the prospects for continued upward movement toward higher price targets. Market Sentiment: Growing Confidence In ADA’s Potential On the 4-hour chart, ADA is striving to extend its gains after breaking past the $0.8119 level while remaining above the 100-day Simple Moving Average (SMA). Holding above this critical mark and the 100-day SMA highlights ADA’s strength and potential for further price growth as it aims at new highs. An examination of the 4-hour Relative Strength Index (RSI) reveals a notable rebound, rising sharply from a recent low of 55% to its current level of 70%. While this increase signals growing positive market sentiment, it raises concerns about the rally’s sustainability since a price correction could occur if profit-taking ensues. Overall, the steady increase in the RSI highlights ADA’s resilience and strengthens the outlook for continued price growth in the near term. Related Reading: Crypto Analyst Predicts Bullish Move For Cardano Price To Cross $5, Here’s When Furthermore, Cardano is demonstrating robust upward momentum after breaking through the key $0.8119 resistance level, maintaining its position above the 100-day SMA. Its solid performance highlights sustained bullish strength, signalling that the digital asset is well-positioned for more price appreciation, with the 100-day SMA indicating the potential for a persistent uptrend. Finally, the RSI on the daily chart is currently at 66%, well above the crucial 50% threshold, reflecting a strong ascent for Cardano. This level suggests that the bullish move is likely to persist, with Cardano’s price expected to continue rising in the near term as the RSI approaches the overbought zone. What The $0.8119 Breakout Signals For Cardano The $0.8119 breakout represents a key milestone for ADA, signaling a shift in market sentiment toward a more optimistic outlook. This breach of resistance indicates that Cardano is gaining momentum, with the possibility of additional price gains, targeting the $1.2630 resistance level and beyond. Related Reading: Cardano Price Set To Skyrocket By 430%, Crypto Analyst Predicts However, if the resistance proves to be strong, ADA may experience a pullback or enter a consolidation phase, with the price likely retracing to the $0.8119 support level. A sustained drop below this critical support could signal a shift in momentum, potentially leading to deeper declines. Featured image from Unsplash, chart from Tradingview.com
Bitcoin trades just a few hundred dollars from $100,000. What will altcoins do if the price milestone is hit?
The latest price moves in bitcoin (BTC) and crypto markets in context for November 22, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
On-chain activity shows the involvement of large investors and institutions, indicating that the price surge could have staying power.
President-elect Donald Trump’s transition team is reportedly considering the creation of a dedicated White House position to oversee crypto policy, and Cardano founder Charles Hoskinson has presented whom he thinks is the perfect pick for this role. According to sources familiar with the discussions, candidates are being vetted for what would be the first crypto-specific […]
Cardano has outperformed most of the market with a sharp 50% rally during the past week. Here’s what’s driving this run, according to on-chain data. Cardano On-Chain Metrics Have Lit Up Recently According to data from the on-chain analytics firm Santiment, a couple of activity-related metrics have spiked for ADA recently. The indicators in question are the Transaction Volume and the Whale Transaction Count. The first of these, the Transaction Volume, keeps track of the total amount of Cardano that’s becoming involved in transfers on the blockchain every day. This metric basically tells us whether the ADA investors have a high interest in trading the coin or not. Related Reading: Bitcoin Is About To See A Historically-Profitable Crossover In This Metric Whereas the Transaction Volume is a general metric, the Whale Transaction Count provides information about the activity level of only a specific investor group: the whales. As the metric’s name implies, it measures the total number of transfers that these humongous investors are making on the network. More formally, it specifically tracks the transactions carrying a value of more than $100,000. Now, here is a chart that shows the trend in the Transaction Volume and the Whale Transaction Count for Cardano over the last few months: As displayed in the above graph, both of these on-chain indicators have shot up for Cardano recently, which implies activity across the board has risen on the network. This recent spike in activity has coincided with ADA’s sharp rally, which has put the cryptocurrency at impressive gains of more than 50% over the past week. Given the timing, it’s likely that the increased interest from the investors has played a role in the price surge. At present, the weekly Transaction Volume for Cardano is sitting at around $52 billion, which is a 7-month high for the metric. Similarly, the Whale Transaction Count has a value of 8,900, the highest in 6 months. From the chart, it’s apparent that ADA also saw a simultaneous surge in these metrics back in June. This previously elevated level of activity led to a 26% increase for the coin. Related Reading: Bitcoin Hashrate Falls Off, Miners Expecting Pause In Bull Run? Something to note, however, is that this last activity spike occurred alongside a bottom for the coin, while the recent one has come as the asset has been rallying. The current high interest in Cardano could certainly act as more fuel for the rally, but it could also very well turn into a profit-taking storm as investors’ gains balloon up. It only remains to be seen which scenario would follow for ADA in the coming days. ADA Price With positive returns of 12% during the last 24 hours, Cardano is currently the best performer among the top cryptocurrencies by market cap. Featured image from Dall-E, Santiment.net, chart from TradingView.com
Cardano founder Charles Hoskinson has suggested Coinbase CEO Brian Armstrong as a top candidate for the proposed crypto policy role in Donald Trump’s second administration. In a Nov. 20 post on X, Hoskinson outlined key qualifications for a “Crypto-Czar,” emphasizing neutrality, collaboration across protocols, and a firm grasp of crypto’s unique value. He also criticized […]
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The Cardano blockchain has witnessed a surge in trading activity over the past few weeks, with price data relaying this trend. Cardano’s price increase in the past 30 days has been more than impressive, with its price doubling within this period. At the time of writing, the ADA is now trading at its highest point so far in 2024 after breaking above the March high of $0.77. Delving deeper into the forces behind this rally, on-chain metrics suggest that the surge is being driven by strong buying momentum, particularly from large ADA holders. Data from the blockchain analytics platform IntoTheBlock highlights a noteworthy spike in large transaction volume, which today reached $22.56 billion. This figure marks a 297% spike in large transaction volume in the past two weeks. Spike In Cardano Large Holder Volume The surge in Cardano’s large holder activity is highlighted by the ‘Large Transactions Volume in USD’ metric provided by blockchain analytics platform IntoTheBlock. This metric captures the total value of on-chain transactions exceeding $100,000 within a 24-hour period, offering insights into the behavior of high-net-worth investors and institutional participants. Related Reading: Here’s Why The Bitcoin Price Could Surge To $138,000 Before Recording A 30% Crash Interstingly, the Large Transactions Volume in USD metric recently reached $28.43 billion on November 16, which is its highest so far till date. Such a figure underscores the significant interest and heightened activity on the Cardano blockchain, particularly among large-scale holders who are likely driving much of the network’s momentum. This elevated level of activity has shown no signs of stopping, with the most recent data reporting $22.56 billion in large transactions over the past 24 hours. To provide perspective, Cardano began November with daily large transaction volumes hovering just below $6 billion before experiencing a notable uptick starting November 6. What’s Next For ADA Price? At the time of writing, the ADA price is trading at $0.80, up by about 6.5% in the past 24 hours. This price point marks the highest ADA price since May 2022. Not just large holders; retail holders are also in on the trend. The ADA trading volume has surged by about 29% in the past 24 hours, coming in at $2.31 billion. Related Reading: Bitcoin Price Forms Bullish Symmetrical Triangle, Crypto Analyst Says Next Stop Is $100,000 As it stands, Cardano is currently outperforming every other large market cap crypto in the past 24 hours. On-chain data and key market indicators suggest that this bullish momentum is likely to persist, with the next significant price target being a breakthrough above the psychological $1 mark. Beyond the large transaction metric, other metrics such as the net network growth and positive momentum in the futures market suggest a very optimistic outlook. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin continues its march toward $100,000, and several altcoins could be poised to hit new all-time highs.
ADA is nearing the apex of its prevailing rising wedge pattern, which points to a potential breakdown toward $0.513 by the end of December.
Cardano price started a consolidation phase above the $0.700 zone. ADA is holding gains and might aim for a fresh increase above $0.7880. ADA price started a downside correction after a strong rally toward $0.8200. The price is trading above $0.740 and the 100-hourly simple moving average. There was a break above a short-term contracting triangle with resistance at $0.7550 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $0.7880 resistance zone. Cardano Price Holds Gains Above Support In the past few days, Cardano saw a major increase above the $0.50 resistance. ADA outpaced Bitcoin and Ethereum. There was a move above the $0.650 and $0.750 resistance levels. It even cleared the $0.800 level. A high was formed at $0.8199 before there was a pullback. The price tested the $0.6880 support and is currently rising. There was a move above the $0.740 resistance. The price climbed above the 50% Fib retracement level of the downward move from the $0.8199 swing high to the $0.6893 low. Besides, there was a break above a short-term contracting triangle with resistance at $0.7550 on the hourly chart of the ADA/USD pair. Cardano price is now trading above $0.740 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.7750 zone. The first resistance is near $0.7880 or the 76.4% Fib retracement level of the downward move from the $0.8199 swing high to the $0.6893 low. The next key resistance might be $0.8180. If there is a close above the $0.8180 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.8800 region. Any more gains might call for a move toward $0.950. Are Dips Supported in ADA? If Cardano’s price fails to climb above the $0.7880 resistance level, it could start another decline. Immediate support on the downside is near the $0.750 level. The next major support is near the $0.740 level. A downside break below the $0.740 level could open the doors for a test of $0.6880. The next major support is near the $0.600 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level. Major Support Levels – $0.7400 and $0.7200. Major Resistance Levels – $0.7880 and $0.8180.
Bitcoin (BTC) continues its historic price trajectory, trading in the low $90,000 range at the time of writing. However, a trading firm suggests that Bitcoin dominance (BTC.D) falling below a crucial level could signal the start of the long-anticipated altcoin season. Interest Rate Cuts, Trump Administration To Propel Crypto In a recent Telegram broadcast, Singapore-based trading firm QCP Capital shared its crypto market analysis. The firm highlighted Solana’s (SOL) recent performance, noting that it outpaced Bitcoin and Ethereum (ETH) over the weekend, surging more than 17% from Friday’s lows. Related Reading: Bitcoin’s Market Is Still In An ‘Healthy Growth’ Phase, Says Analyst—Here’s Why Despite this, QCP Capital acknowledged that many investors remain hesitant to embrace the prospect of an imminent alt season, given Bitcoin’s steady climb toward the psychologically significant $100,000 mark. Rekt Capital’s analysis supports this sentiment, suggesting BTC is just beginning its parabolic phase. QCP Capital, however, predicted that a combination of Donald Trump’s victory in the US presidential election and interest rate cuts by the Federal Reserve (Fed) could set the stage for a full-blown altcoin season in the coming months. Trading Firm Identifies Key Bitcoin Dominance Threshold For Altseason According to QCP Capital, altcoins historically outperform major cryptocurrencies once the latter consolidate after significant rallies. The firm explained: Historically, we’ve seen altcoins outperform whenever the majors consolidate after a significant rally as profits rotate into smaller-cap coins. BTC’s dominance is around 60% now and it will probably need to be around
Charles Hoskinson, the founder of Cardano, and David Schwartz, the Chief Technology Officer of Ripple, have unveiled details about a potential collaboration between their respective blockchain platforms. The partnership aims to integrate Cardano’s advanced decentralized finance (DeFi) capabilities with Ripple’s extensive liquidity network, potentially bridging two of the industry’s most prominent ecosystems. Potential Cardano And […]
Cardano founder Charles Hoskinson has revealed that efforts to establish a comprehensive regulatory framework for cryptocurrencies in the United States are gaining significant momentum. In a “Surprise AMA” session on November 17, Hoskinson detailed his recent engagements with US senators and key figures in the crypto industry, outlining a multifaceted strategy to position the US […]
Cardano (ADA) is in the spotlight as a strong bullish rebound from the $0.6822 support level has reignited traders‘ optimism. This comeback marks a possible turning point for ADA, with renewed momentum driving the price higher and signaling a resumption of its uptrend. As buying interest strengthens, market sentiment appears to be shifting in favor of the bulls, raising the question: how far can Cardano climb in the coming days? All eyes are now on key resistance levels as ADA’s rally gains steam, fueling hopes for sustained growth. This analysis aims to delve into Cardano’s recent rebound from the $0.6822 support level and its implications for the asset’s future trajectory. By examining key technical indicators, market sentiment, and potential resistance levels, this piece seeks to assess whether ADA’s momentum can sustain its upward trend or encounter challenges along the way. Market Sentiment Shifts: Are Bulls Back In Control? Presently, ADA is demonstrating renewed positive strength after rebounding from the $0.6822 support level, steadily advancing toward the $0.8119 resistance level. This recovery indicates a significant shift in sentiment, with buying pressure triggering more price growth. Notably, Cardano is trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart, which not only reinforces the bullish trend but provides a strong foundation for further gains if ADA successfully breaks above the $0.8119 resistance. An examination of the 4-hour Relative Strength Index (RSI) shows that the RSI is trying to climb back above the 70% threshold after experiencing a decline to 57%, signaling a resurgence in buying pressure, reflecting renewed bullish momentum in the market. A break above the 70% level would indicate strong overbought conditions, suggesting robust demand and the potential for more price gains. Related Reading: Cardano (ADA) To Reach $6 By September 2025? Analyst Forecast 2021-Like Rally Also, the daily chart reveals strong upward movement for ADA, marked by the formation of a bullish candlestick as it recovers from the $0.6822 level. Trading above the crucial 100-day SMA reinforces the positive trend, indicating sustained strength. As Cardano continues to climb, it bolsters market confidence, setting the stage for growth. Furthermore, the daily chart’s RSI is currently at 80%, indicating robust optimistic sentiment as it remains above the 50% threshold. This surge follows a brief dip to 60%, showing that buying pressure has returned. While the high RSI suggests the asset is overbought, it also signals continued strength, pointing to possible gains. Next Targets For Cardano: Can The Rally Sustain Its Pace? ADA has demonstrated strong bullish momentum after bouncing from the $0.6822 support level, advancing toward the key resistance at $0.8119. Its ability to stay above the 100-day SMA on the 4-hour chart suggests sustained strength, signaling that Cardano could maintain its upward movement. A successful break above the $0.8119 resistance could propel the price toward the $1.26 resistance level, setting the stage for a price spike. Related Reading: Cardano Price Prediction: Analyst Sounds Alarm Of Break Through Key Resistance, Why A Rally Could Follow However, if the rally faces difficulty breaking through the $0.8119 resistance, it may result in pullbacks or consolidation, shifting focus toward key support levels. Featured image from Adobe Stock, chart from Tradingview.com
Cardano (ADA) has seen a massive rally in the last few weeks, surging over 81% in the past fourteen days. As the cryptocurrency continues breaking past key levels, a renowned crypto analyst highlighted its potential 2,000% climb. Related Reading: Analysts Bullish On Dogwifhat (WIF) $5 Target As Price Retests $4 Resistance Cardano To Hit $6 By Q3 2025 Crypto analyst Ali Martinez forecasted that Cardano might hit the $6 mark by September 2025. Earlier this year, the analyst noted that ADA’s chart reassembled a pattern similar to 2020, which suggests that the cryptocurrency could experience a rally like 2020-2021’s bull run. Per the post, ADA broke out from its two-year consolidation in early 2020 before retracing 75% and consolidating for most of the year. By November 2020, the token bounced from the accumulation range and started its massive 4,000% rally, which lasted around nine months. This year, Cardano has seen a similar move during the first leg of the cycle, reaching its year-high of $0.81 before retracing 75% and consolidating between the $0.6-$0.27 price range for the last eight months. Following the crypto market’s recent rally, fueled by Trump’s victory in the US elections and the Federal Reserve’s decision to reduce interest rates by 0.25, Cardano has experienced a massive 50% weekly surge. Martinez previously forecasted that ADA could experience the second leg’s initial jump on November 18, around two weeks after the US elections. However, the cryptocurrency reclaimed the $0.6 support zone and broke above the $0.65 horizontal level earlier today. This performance represents an eight-month high for Cardano, which has been heavily criticized for underperforming against most altcoins. According to the chart, ADA might move sideways around this range for the following days before challenging its year-high price. If ADA continues replicating the last cycle’s pattern, the cryptocurrency could reach the long-awaited $1 by year-end. Additionally, it could surpass its previous $3.09 all-time high (ATH) by Q1 2025 before entering price discovery mode. Martinez suggested that Cardano could rise over 2,000% toward the $6 mark, reaching its top between July and September 2025. ADA Among Today’s Market Leaders While most cryptocurrencies in the top 100 move sideways, ADA has soared 21 % in the last 24 hours. The token surged as the third-best performer today, behind XRP and ALGO. Besides the general economic and geopolitical factors, its recent performance has also been fueled by speculation surrounding Cardano’s potential involvement with Trump’s administration. On Thursday, a member of the World Economic Forum (WEF) and the United Nations (UN), Shawn, shared on X that re-elected President Trump is exploring a federal voting and identity verification system based on blockchain technology. Related Reading: Dogecoin Frenzy Arrives In Korea: ‘Kimchi Premium’ Returns Amid DOGE’s 110% Rally Speculation arose when another X user claimed that Cardano’s founder Charles Hoskinson is “already in talks with the Trump administration,” arguing that “they’ve been working with the state of Wyoming on voting systems for a couple of years now.” Cardano has rallied an impressive 84% in the last month, breaking above the $0.65 mark for the first time since late March and recovering its top 10 crypto spot. As of this writing, ADA trades at $0.67. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin is witnessing a shallow pullback, but bulls still anticipate a rally toward $100,000 in the short-term.