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11/08/2024

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Cardano (ADA) Price Surges 32% In 4 Days: Here's Why

Cardano (ADA) has experienced a significant surge over the past four days, with its price increasing by an impressive 32%. In the last 24 hours alone, ADA has climbed 16%, boosting its market capitalization...

Cardano (ADA) Price Surges 32% In 4 Days: Here's Why
Cardano ADA price

Cardano (ADA) has experienced a significant surge over the past four days, with its price increasing by an impressive 32%. In the last 24 hours alone, ADA has climbed 16%, boosting its market capitalization to $14.932 billion. This surge has propelled Cardano back to its position as the ninth-largest cryptocurrency by market cap. Several factors have contributed to this bullish momentum:

#1 Bulls Takes Over The Entire Crypto Market

The optimistic market sentiment extends beyond Cardano, with the crypto market as a whole experiencing a significant rally. This upward movement has been mostly driven by Donald Trump’s victory in the US presidential election. Trump’s administration has committed to ending the “war on crypto” and positioning the United States as a central hub for crypto businesses.

Adding to the positive momentum, the Federal Reserve’s decision on November 7 to reduce interest rates by 0.25% has provided additional tailwinds for the crypto market. The Fed cited easing labor market conditions and increased confidence that inflation is moving sustainably toward the 2% target. Analysts from The Kobeissi Letter noted that the vote for the rate cut was unanimous. Powell said that “labor market conditions have generally eased” and that “risks to goals remain roughly in balance.”

#2 Cardano Whale Activity

On-chain analysis firm Santiment has highlighted a surge in whale activity surrounding Cardano. In a recent post on X, they observed that ADA has been “one of the notable surprise altcoins taking flight during this crypto-wide pump.” They suggested that “we may be seeing some retail FOMO coming soon,” acknowledging that this surge “has been a long time coming for the patient ADA community.”

Santiment reported that Cardano broke above $0.43 for the first time since July, climbing 25% in three days due to “massive network and whale activity.” Specifically, they pointed out that 37,892 unique ADA addresses made transfers in a single day—the most since the September 4th bottom—and there were 697 transactions exceeding $100,000, also the highest since that date. This uptick in large transactions and active addresses indicates heightened interest from major investors, signaling the potential for continued upward momentum.

Cardano whale activity
Cardano whale activity | Source: @santimentfeed

#3 Technical Breakout

Unlike many other altcoins, ADA has been in a prolonged bearish phase. However, the recent surge could mark a pivotal turning point, indicating a potential bullish reversal. Since August, Cardano’s price has been making a series of higher lows.

The current move has also allowed the ADA price to break above a downtrend line that has dictated its price movement since April, after being rejected five times previously. The breakout can be considered significantly bullish as it aligned with the pattern of higher lows.

Notably, ADA has surpassed the 20-, 50-, 100-, and 200-day moving averages during this surge. Additionally, ADA has moved past the 0.236 Fibonacci retracement level, the most critical horizontal resistance point. A successful retest of this price level at $0.40 today could pave the way for further upside.

At press time, ADA traded at $0.4266.

Cardano ADA price
ADA price, 1-day chart | Source: ADAUSDT on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

Disclaimer: The information found on NewsBTC is 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.

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