Highlights:
- Cardano price surges 3% to trade at $0.5753 despite a fall in trading volume.
- Robinhood is set to list Cardano, among other cryptocurrencies like Solana and XRP, for its US customers.
- With the overbought conditions in the Cardano market, a correction is imminent to sweep through liquidity.
The Cardano price has soared $3.43%, trading at $0.5753 in the past 24 hours. Despite the recent 36% fall in its daily trading volume to $1.88 billion, all hope is not lost in the ADA market. Cardano (ADA) founder Charles Hoskinson projects that crypto could enter $20 trillion real-world asset (RWA) and $100 trillion global markets.
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Moreover, the Cardano founder mentioned working with the Trump Administration on crypto policy in 2025. This could ignite a bullish rally in the Cardano market based on Trump’s pro-crypto stance.
JUST IN: Cardano Founder to work with Trump Administration on crypto policy in 2025 🇺🇸 pic.twitter.com/ONvHymIZfQ
— Altcoin Daily (@AltcoinDailyio) November 10, 2024
On the other hand, Robinhood is set to list Cardano among other cryptocurrencies like Solana and XRP for its US customers. Previously, Robinhood removed SOL because the SEC had determined that SOL was a security. These developments might act as a catalyst in this bull market, sending Cardano to the moon.
JUST IN: 🇺🇸 Robinhood to list $PEPE, Solana $SOL, Cardano $ADA, and $XRP! pic.twitter.com/y69MWQBYRQ
— Good Morning Crypto (@AbsGMCrypto) November 13, 2024
Cardano Statistical Data
Based on CoinmarketCap data:
- ADA price now – $0.5753
- Trading volume (24h) – $1.88 billion
- Market cap – $19.85 billion
- Total supply – 44.99 billion
- Circulating supply – 35.02 billion
- ADA ranking – #9
The Cardano price is facing a harsh reversal; however, the rally is far from over. After a prolonged period of consolidation, the Cardano price pumped parabolically, hitting the $0.6581 mark. However, early profit bookings commenced, and the sellers are dwindling the ADA price, currently at $0.5753.
Bulls Aim for Continued Uptrend Targetting $0.8 Mark
At press time, the Cardano price is on the verge of making a golden cross which may catalyze the anticipated rally. Meanwhile, the bulls have flipped the key bullish indicators at 50-day and 200-day MAs, steadying the uptrend. In this case, the $0.37 and $0.39 act as immediate support levels, enabling the bulls to control the market.
Upholding a bullish picture is the Relative Strength Index (RSI) which soared to the 86.26 strength level before retreating to 76.16. This suggests intense buying pressure in the ADA market, quashing the seller counterparts. However, it is prudent to watch out for a reversal as its position above the 70-overbought area suggests a correction is imminent.
The Moving Average Convergence Divergence (MACD) is also northbound, pulling away from the orange signal line, which means it is delaying the sell signal. This calls for traders and investors to rally behind ADA, holding their long positions intact.
Cardano Price Forecast: What’s Next for ADA?
The bulls have entirely taken the reigns in the Cardano market, quashing their seller counterparts. However, traders are advised to be cautious as the RSI roams around the overbought region. A retracement will likely follow to allow ADA to sweep through more liquidity as already sidelined investors rush to buy lower-priced Cardano tokens.
For now, all eyes are on the immediate support at $0.4984, as a pullback will see the bulls chase that support level. In the meantime, if the Bulls capitalize on the bullish technical indicators, an increased buying appetite will see the Cardano price at $0.6 or above to the $0.8 mark in the short term.
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