Logo
Cardano Ecosystem

Crypto Breaking

03/21/2024

·

118 views


Cardano (ADA) Eyes Explosive 2000% Bull Run, Targeting $12 And Quadrupling ATH

Cardano (ADA), currently positioned as the 9th largest cryptocurrency by market capitalization, has encountered a downward trend following the prevailing bearish sentiment in the crypto market. Bitcoin (BTC),...

Cardano (ADA) Eyes Explosive 2000% Bull Run, Targeting $12 And Quadrupling ATH

Cardano (ADA), currently positioned as the 9th largest cryptocurrency by market capitalization, has encountered a downward trend following the prevailing bearish sentiment in the crypto market. Bitcoin (BTC), the market leader, has led the way in price corrections for top cryptocurrencies. 

Despite ADA’s recent retracement of nearly 20% in the past week after reaching a 22-month high of $0.810 on March 14, there are indications that a potential trend reversal is on the horizon. This shift in momentum could potentially drive ADA towards reclaiming the $1 mark, which it hasn’t reached since April 2022.

Bullish Momentum Building For ADA

Crypto analyst “Trend Rider,” who shares his insights on the social media platform X (formerly Twitter), has highlighted ADA’s market shift from bearish to bullish trends. Looking at the two-week chart, key moving averages are realigning, signaling a transition to a bullish framework as indicators move from red to green. 

According to the analyst, this pattern is similar to a previous occurrence observed just before ADA embarked on a significant bull run. 

Cardano
ADA indicator signaling upward movement. Source: Trend Rider on X

If history repeats itself and mirrors the April 2021 bull run, where ADA rose from $0.133 to its current all-time high (ATH) of $3.168 in less than a year, posting gains of over 2000%, a similar uptrend could easily take ADA past the $1 mark. 

If another 2000% price surge materializes, it could push Cardano’s native token to reach the $12.6 level, marking a significant quadrupling of its all-time high milestone.

While the market correction continues, Trend Rider has identified crucial support lines that must be held back to maintain the bullish structure. According to the analyst, the trend support for ADA is anticipated to range between $0.45 and $0.52. 

Key Cardano Metrics Soar

Cardano has shown significant progress in key metrics, as indicated by data from Token Terminal. The figures reflect a significant increase in market capitalization, trading volume, and fees, highlighting the adoption of the Cardano blockchain ecosystem. 

According to Token Terminal data, Cardano’s fully diluted market capitalization is approximately $29.80 billion, representing strong growth over the past 30 days. This figure indicates the total value of all ADA tokens, including those not yet in circulation. 

Furthermore, the circulating market capitalization, which factors in only the tokens currently available for trading, has also experienced a notable increase, reaching around $23.35 billion. 

Cardano
Cardano’s market cap and fee performance over the past 30 days. Source: Token Terminal

Moreover, Cardano has witnessed a significant surge in trading volume over the past 30 days. The trading volume has soared to approximately $27.96 billion, reflecting an increase of 117.5%. This surge indicates heightened market activity and a growing demand for ADA tokens.

Another noteworthy aspect revealed by Token Terminal data is the substantial growth in fees generated within the Cardano network. Over the past 30 days, fees have amounted to approximately $506.07k, demonstrating a significant increase of 36.5%. 

When annualized, the fees generated by the Cardano blockchain reach an estimated $6.16 million, reflecting a notable growth rate of 5.2%. This signifies the expanding usage of the Cardano network for various transactions and applications.

The 1-D chart shows ADA’s price correction over the past week. Source: ADAUSD on TradingView.com

ADA is trading at $0.603, down 2.6% in the last 24 hours. 

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

Crypto Investing Risk Warning

Crypto assets are highly volatile. Your capital is at risk.
Don’t invest unless you’re prepared to lose all the money you invest.
This is a high-risk investment, and you should not expect to be protected if something goes wrong.

Read the full disclaimer

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Crypto Breaking

ORIGINAL SOURCE

https://www.cryptobreaking.com/cardano-a...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from Crypto Breaking

See more
Cardano Bucks Bears As Large Transactions Climb To $10 Billion, Can This Drive Price To $1?
Crypto Breaking
Cardano Bucks Bears As Large Transactions Climb To $10 Billion, Can This Drive Price To $1?

last Thursday at 2:30 PM

·

15 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)