Highlights:
- Cardano is moving toward $1.30 with strong momentum from market trends and new upgrades.
- Charles Hoskinson joins Trump as a crypto advisor, boosting Cardano’s visibility and investor trust.
- Cardano has close to 100 million transactions, showing strong growth and adoption.
Due to high volatility and demand, Cardano is heading towards breaching the $1.30 price target before the year ends. ADA is currently trading at $0.7227. In the last day, it has been trading within the range of $0.6978 and $0.79, hence presenting a noticeable volatility. The trading volume for the past 24 hours is $5 billion, showing active participation by traders.
Advertisement
For the past week, Cardano has risen by more than 24% from its previous price level of around $0.3558. Its market cap is currently over $25.3 billion, placing it among the largest cryptocurrencies.
Technical Analysis
Cardano is on a steady climb and is close to important resistance levels. The current resistance levels include $0.90 and $1.00. Breaking these levels will enhance Cardano’s bull momentum. The support levels of the coin are $0.70 and $0.65. Breaking these levels will probably lead the price towards our desired $1.30 level.
Currently, Cardano’s Relative Strength Index (RSI) is at 64. This value means that Cardano is only slightly below the overbought level but still has potential. A rising RSI confirms that there is a stronger buying pressure in the market, further bolstering the bull formation.
Cardano is trading above its 50-day and 200-day moving averages. This is a very bullish signal for the market. This implies that the market is in an upward trend and may remain like that in the future. The trading volumes for Cardano continue to be strong. Higher volume tends to indicate higher investor demand. This supports the speculation that Cardano could easily breach the resistance levels in the near future.
What Is Driving Cardano’s Price Surge?
Several factors are fueling Cardano’s recent price surge. Innovative developments like Hydra, the scaling solution, have boosted the speed of transactions and cost. These upgrades make the platform attractive to more developers and users.
The Cardano price is surging partly due to the link of its founder working with the next US government. Charles Hoskinson is reportedly to be one of the crypto advisors to Donald Trump. This has reassured the investors who are expecting positive political decisions on the crypto market.
CARDANO ON THE BRINK OF 100 MILLION TRANSACTIONS
Cardano is almost at 100 million transactions—currently sitting at 99.07 million.
The network's ecosystem is looking solid, with 10.5 million native tokens, 1,973 projects, and 1.3 million delegated wallets.
Meanwhile, ADA price… pic.twitter.com/PcwN5hF7RB
— IBC Group Official (@ibcgroupio) November 16, 2024
Charles Hoskinson, the founder of Cardano, and Brad Garlinghouse, the CEO of Ripple, are reportedly in talks, signaling a possible partnership between the two blockchain platforms. This partnership can help improve integration between Cardano and Ripple.
Market sentiment has shifted positively, influenced by Bitcoin’s recent rally and broader crypto market trends. ADA’s relisting on Robinhood has improved accessibility, attracting more investors. Furthermore, Cardano’s network is on the verge of surpassing 100 million transactions. This milestone reflects the increasing adoption of its blockchain. Cardano’s growing use in decentralized finance (DeFi) and non-fungible tokens (NFTs) expands its applications.
Analysts are optimistic about Cardano’s potential to surpass $1.30 by year-end. CoinCodex predicts ADA could reach $1.25 by year-end. WalletInvestor suggests ADA may stabilize near $1.10, depending on market conditions. These forecasts reflect confidence in Cardano’s upward trajectory, driven by ecosystem advancements and increased investor interest.
Advertisement
