As a seasoned researcher with over two decades of experience in the financial markets, I’ve witnessed numerous bull runs and bear markets. The recent surge in Cardano (ADA) has caught my attention, not just because of its impressive price action, but also due to the unique set of circumstances driving this growth.
On Wednesday, November 20th, the price of Cardano experienced a robust surge in its bullish trend, coinciding with an increase in the Crypto Fear & Greed Index and a new all-time high for Bitcoin.
In simpler terms, the well-known digital currency Cardano (ADA), which operates on a proof-of-stake system, reached a peak value of $0.830 within the day. This high point increased its total market value to almost $30 billion.
The rally was fueled by a persistent bullish attitude in the cryptocurrency market, as indicated by the significant increase in the Fear & Greed Index, reaching 84.
The digital currency Bitcoin (BTC) surged to an unprecedented peak of $94,200, and financial experts anticipate it might hit the $100,000 mark as early as this coming week.
Three key drivers of growth
As a crypto investor, I’ve noticed that November tends to be a favorable month for digital currencies, given its historical strength in the market. Based on data from Coinglass, Bitcoin has an average return of approximately 45% every November.
The continued rise of Cardano is attributed to positive expectations towards the influence of the upcoming Trump administration on the crypto market. Some analysts speculate that an ADA-based exchange-traded fund might be authorized as soon as 2025.
3rd Point: The Federal Reserve’s softened stance, indicating potential further reductions in interest rates up until 2025, has positively influenced high-risk investments.
Due to Solana’s rising costs and the attraction of more budget-friendly options, investors have been gravitating towards less costly tokens such as Cardano. Moreover, a sense of urgency driven by both individual and institutional investors due to fear of missing out has fueled this market surge.
Enthusiastic experts continue to predict a positive outlook for Cardano. In a recent post on X, well-known crypto analyst Beastlyorion (with more than 71,000 followers) suggests that the price of ADA could climb as high as $10 in the future – representing a significant potential rise of approximately 1,100% from its current value.
$ADA Bull target this cycle: I’m thinking $3.5 on the low side, $10 on the high side.
What do you think?
— Beastlorion🔺️ (@Beastlyorion) November 20, 2024
Cardano price analysis
As a researcher observing the cryptocurrency market, I’ve noticed an intriguing development in the weekly chart of Cardano. A double-bottom pattern has formed at approximately $0.26, and it has now surpassed its neckline at $0.81 – a level not seen since March this year, marking a significant breakout. Remarkably, this breakout coincides with the predicted ultimate resistance level according to Murrey Math Lines.
The digital currency has climbed beyond its 50-week and 25-week average moving lines, while its Relative Power Index is heading upward.
Based on these conditions, it seems that the value of Cardano could keep climbing, as its supporters aim for the 50% Fibonacci retracement point at around $1.60 – a potential increase of nearly 93% from its current price level.
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2024-11-20 17:58