The Cardano (ADA) price has experienced a significant rally, gaining about 60% in the past four weeks and trading around $0.40.
Key Takeaways
- Altcoins, including Cardano (ADA), have experienced a surge in daily average traded volume as they seek to attract institutional investments.
- Cardano is a leading smart contract-enabled blockchain and multichain ecosystem with approximately $255 million in total value locked (TVL). Over the past four weeks, ADA’s price has surged by about 60%, currently trading around $0.40.
- In the last 24 hours, ADA has rallied by approximately 10% and is approaching a significant resistance level.
Bullish Momentum for ADA:
- ADA’s price has gained notable bullish momentum after consolidating between 41 cents and 24 cents since October 2022.
- For the first time in 12 months, ADA’s weekly Relative Strength Index (RSI) has risen above 50 and is now testing the 70 level.
- The 50 Moving Average has served as a strong support level for ADA over the past three consecutive weeks.
#Cardano Price #Prediction: #ADA Price Might Hit $0.75 By December 🚀🚀🚀https://t.co/oR3YmplEYd@ali_charts @IOHK_Charles @cardano_whale @CardanoFeed
— Steve (@BTCGravitas) November 16, 2023
ADA’s Potential Price Rally:
- Veteran crypto analyst Ali Charts predicts that Cardano’s price could reach 75 cents by the end of the year. However, this bullish sentiment depends on ADA’s ability to surpass 45 cents by the first week of December.
- Cardano’s development team has been focusing on web3 projects and the Hydra head project to facilitate fast, affordable, and secure transactions, aiming to onboard mainstream users and achieve scalability on the mainnet without the need for hard forks.
Altcoin Volume Surge
Increased institutional interest has led to a rise in daily average traded volume for altcoins, benefiting Cardano (ADA).
Cardano, a smart contract-enabled blockchain and multichain ecosystem with around $255 million in total value locked (TVL), has seen its price surge by approximately 60% in the past four weeks, trading at approximately $0.40.
Over the last 24 hours, ADA has experienced a 10% rally and is approaching a significant resistance level.
ADA Price Prediction
Crypto analyst Ali Charts predicts that Cardano’s price could reach $0.75 by the end of the year, contingent on ADA’s ability to surpass 45 cents by the first week of December.
To Conclude
A veteran crypto analyst, Ali Charts, suggests that Cardano’s price could reach $0.75 by the end of the year, but this bullish sentiment depends on ADA’s ability to rally beyond $0.45 by the first week of December.
