- The ADA price recorded a whopping surge of over 80% this week.
- A golden crossover was spotted between the 20-day EMA and 50-day EMA mark.
Cardano (ADA) has been among the best outperformers and witnessed a massive rally in the past few sessions. This week, it has surged more than 80% and displayed a sharp vertical rally.
The Cardano price has climbed above the key EMAs. Furthermore, a golden crossover was exhibited between the 20-day and 50-day EMA. That replicated a bullish sentiment.
Amidst the bullish sentiment across the crypto market, ADA crypto seems ready to reach the $1 mark in the upcoming sessions.
What Fueled the Cardano Price Rally?
The recent ADA price rally can be attributed to the founder, Charles Hoskinson. In the past few weeks, he released a video on several topics. This video also included the topic of the administration of the newly elected President, Donald Trump.
Hoskinson announced plans to spend much of his time in the upcoming year engaging with policymakers in the United States. He has an eye on improving the legal environment for the cryptocurrency sector.
In the future, Crypto Aman’s tweet stressed that Charles Hoskinson has confirmed that he will collaborate with the Trump Administration.
He added that Cardano’s trading volume noted a massive spike of over 118% in the last five sessions. Also, the Total Value Locked (TVL) spiked over 65% this week.
At press time, the Cardano price was trading at $0.6001. The token has noted an intraday surge of over 1.22%. Its market cap rose to $21.04 Billion and ranked 9th among the top crypto coins. It has a circulating supply of 35.02 Billion and a volume-to-marketcap ratio of 0.110.
Going forward, a massive liquidity sweep was noted. As revealed by hyblockcapital, a massive short-covering move was exhibited in the past few sessions. That triggered the price rally.
$ADA is sweeping up liquidity and continuing its upward momentum pic.twitter.com/XrPrYi3R9D
— Hyblock (@hyblockcapital) November 9, 2024
The ADA crypto price has crossed the 78.6% level per the Fib levels. Additionally, It was ready to skyrocket in the coming sessions.
Cardano Price Prediction: Is a Rally Toward $1 Imminent?
The Cardano price prediction implied a strong bullish outlook. A recent weekly bull rally of over 80% has gained significant investor interest. Moreover, the bear army got trapped, and a massive liquidity swap was noted.
The Relative Strength Index (RSI) line soared to the overbought zones, around 78 at press time. Furthermore, the Average Directional Index (ADX) noted a rise, which points toward a strong uptrend.
The Chaikin Money Flow (CMF) reading was around 0.26. This means that a significant inflow was entering the market.
The Cardano price action indicated that the recent follow-up buying brought a substantial volume surge. That revealed the bulls’ dominance. Additionally, a multi-month range breakout was noted on the chart.
The Open Interest (OI) has risen over 12.61% to $542.39 Million. This signified massive long additions in the last 24 hours. The immediate support zones for ADA were $0.5930 and $0.5800. At the same time, the upside barriers were $0.6160 and $0.6400.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.