Cardano (ADA) Jumps 12% in 24 Hours; Eyes $1

Cardano (ADA) Cardano (ADA)
Cardano (ADA)

Bitcoin pump triggered the co-relation in altcoins as most coins are now slightly catching upward momentum. 

The ninth biggest cryptocurrency, Cardano (ADA) surged around 12% in the last 24 hours, lifting its price from $0.8 to $0.90. This is the highest in the span of the year as its market cap also grew to $31.22 billion. Analysts are now revising their Cardano Price Prediction, anticipating further gains as market sentiment turns bullish.

Cardano is steadily increasing, approaching the $1 mark, after an impressive 40% surge this week. This has reignited excitement among the coin lovers, who have been waiting for a rally in the coin with the latest bull run.

Advertisement

Currently, the price has found strong support at $0.8 with the resistance level at $0.9. If it breaks through this, it could quickly surge to $1 with a significant breakout. 

Reason Behind the Rally in Cardano (ADA)

Also, there are high chance that buyers will continue to drive the price higher after witnessing weekly gain. ADA’s all-time high of $3.10 offers ample room for market participants to speculate on its future potential. The rally was mainly supported by $3.17 million in short liquidations, compared to $1.37 million in long liquidations.

On November 22, 2024, ADA’s strong price movement was fueled by a rise in the open interest-weighted funding rate. The 8-hour OI-weighted funding rate increased to 0.0417% on the same day. This suggests that there is a strong demand for long positions as the coin’s price surged by about 12% in the last 24 hours. 

Advertisement

Also Read: Ripple XRP Rallies After Gensler Departure News: Could We See $2 This Month?