Cardano has seen a dramatic increase in price over the last 4 days. Its value increased an amazing 32%. ADA has climbed by 16% in the past 24 hours, bringing its total market capitalization up to $14.932 billion. Cardano has risen to the position of ninth largest cryptocurrency in terms of market capitalization thanks to this surge. This bullish trend has been fueled by several factors:
Bulls #1 dominates crypto markets
Cardano is not the only cryptocurrency experiencing an upswing. The crypto market has also experienced a strong rally. Donald Trump has been the main driver of this upward trend. Trump’s victory The US election was held on November 8, 2016. Trump has pledged to end the “war on crypto” Positioning the United States to be a hub of crypto business.
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In addition to this positive trend, the Federal Reserve’s decision Crypto market gains from the November 7 interest rate cut of 0.25%. Fed stated that it was confident inflation will reach the 2% goal in the near future due to easing of labor market conditions. The Kobeissi Letter analysts noted Powell said that there was unanimous agreement on the reduction in interest rates. Powell told us that “labor market conditions have generally eased” This is what you should know “risks to goals remain roughly in balance.”
Cardano Whales Activity
Santiment is a company that provides on-chain analyses. highlighted A surge of whale activity around Cardano. They noted in a post they made on X that ADA had been “one of the notable surprise altcoins taking flight during this crypto-wide pump.” He suggested that “we may be seeing some retail FOMO coming soon,” The surge of this wave is not a surprise “has been a long time coming for the patient ADA community.”
Santiment reports that Cardano has broken above $0.43, for the first since July. Its price has risen 25% in just three days because of “massive networks and whale activity.” Specifically, they pointed out that 37,892 unique ADA addresses made transfers in a single day—the most since the September 4th bottom—and there were 697 transactions exceeding $100,000, also the highest since that date. It is possible that the increase in transactions over $100,000 and addresses active indicates increased investor interest, which could signal a continued upward trend.
Third Technical Breakout
Unlike other altcoins ADA is in a bearish phase that has lasted for a considerable time. The recent rise could be a turning point that signals a possible bullish turn. Cardano’s price is making higher lows ever since August.
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After being rejected 5 times, the current movement has allowed ADA to finally break through a downward trend line which has governed its price since April. This breakout is considered bullish because it was in line with a pattern of higher bottoms.
ADA’s surge has seen it surpass the moving averages of 20, 50, 100, and 200 days. ADA also moved beyond the 0.236 Fibonacci retracement, which is the critical horizontal resistance level. If this level is successfully retested at $0.40, it could open the door to further gains.
As of the time this article was published, ADA is trading at $0.4266.
Chart from TradingView.com, image from Shutterstock
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Source: www.newsbtc.com
