Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Cardano Sees Strong Price Momentum as Analysts Set Bullish Targets

Cardano Sees Strong Price Momentum as Analysts Set Bullish Targets

CryptodnesCryptodnes2024/11/20 16:00
By:Cryptodnes

The cryptocurrency’s daily trading volume has reached a seven-month high, topping $52 billion, while whale transactions have also spiked, reaching levels not seen in six months. In addition to this, the open interest (OI) in ADA futures has increased significantly, with OI hitting $735 million. This growing momentum has prompted analysts to reassess Cardano’s potential price targets, with some projecting even higher gains.

Analysts are particularly focused on the $1 mark, which corresponds to a key Fibonacci retracement level. If ADA manages to close above this psychological threshold, it could signal further price increases.

Beyond $1, the next targets range from retesting its previous all-time high of $3.12 to possibly reaching $6.00, driven by expanded adoption of the Cardano blockchain. In the most optimistic scenario, some analysts believe ADA could rise as high as $12 to $15, should the current bullish trend continue.

READ MORE:
Cardano Gains Momentum with Whale Activity – What’s Next for ADA?

Cardano’s momentum is further supported by technical charts that show the cryptocurrency moving within an ascending price channel, a pattern that has persisted for several years. This suggests consistent investor interest and accumulation, especially as ADA tests support levels within the channel. One analyst predicts a conservative price of $3.50 in the near term, with the potential for ADA to surge to $10 if the market continues its positive trajectory.

On-chain metrics continue to back up this optimistic outlook. A surge in futures OI indicates increasing market activity and growing investor confidence, with a significant rise from $585 million to $735 million within just a few days. Meanwhile, large investors, or “whales,” have been increasing their positions, with whale transactions up 145% over the past month. This is accompanied by a surge in decentralized finance (DeFi) activity on the Cardano network, with the Total Value Locked (TVL) approaching its all-time high of $490.7 million. All these factors combined point toward a continued bullish outlook for ADA in the near future.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Bitcoin pulls back as Fed’s December minutes signal slower rate cuts in 2025

Bitcoin’s price has fallen by around 1.4% over the past day, as global markets reacted to the Federal Reserve’s December meeting minutes, which signaled the potential for a slower pace of rate cuts in 2025.Amid ongoing inflation concerns and uncertainty over political shifts, bitcoin is expected to consolidate between $92,000 and $95,000 in the short-term, QCP Capital analysts said.

The Block2025/01/09 14:34

Fidelity sees Solana as a 'notable contender' but backs Ethereum's stronger fundamentals

Fidelity Digital Assets says Ethereum’s strong fundamentals give it an edge over Solana from a long-term perspective.Solana’s speed and low costs stand out, but Fidelity highlights its reliance on short-term trends like memecoin trading.Fidelity also expects bitcoin and other areas of crypto to perform well this year, noting it is “not too late” for investors to dive in.

The Block2025/01/09 14:34

Thai police seize nearly 1,000 Bitcoin mining machines amid energy theft allegations: reports

Thai police have seized 996 Bitcoin miners from a company in the country’s eastern Chon Buri province, the Bangkok Post reported.Energy officials allege the firm stole huge amounts of electricity to run the devices, causing substantial losses to the power grid.

The Block2025/01/09 14:34