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11/22/2024

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Cardano Hits 2.5-Year High, Eyes Further Gains with Strong Momentum

đŸ˜Č Cardano surges 11% in 24 hours, reaching $0.93 and marking a 176% gain since Nov. 5. Rising funding rates and liquidations highlight strong demand for ADA long positions. Technical indicators suggest $1.20 as the next potential milestone for ADA bulls. Cardano’s ADA token has reached a 2.5-year high, trading at $0.93 on November 22 after

Cardano Hits 2.5-Year High, Eyes Further Gains with Strong Momentum

Cardano Hits 2.5-year High, Eyes Further Gains with Strong Momentum

  • Cardano surges 11% in 24 hours, reaching $0.93 and marking a 176% gain since Nov. 5.
  • Rising funding rates and liquidations highlight strong demand for ADA long positions.
  • Technical indicators suggest $1.20 as the next potential milestone for ADA bulls.

Cardano’s ADA token has reached a 2.5-year high, trading at $0.93 on November 22 after an 11% daily increase. This rally adds to a 176% surge in its price since November 5, reflecting renewed investor confidence in the layer-1 blockchain.

Broader Crypto Market Gains Bolster ADA

Cardano’s growth comes as the cryptocurrency market rallies, led by Bitcoin, which reached an all-time high of $99,502. Ethereum also saw gains, trading above $3,330, while Solana and XRP showed strong upward movements. The total cryptocurrency market capitalization now stands at $3.28 trillion.

Analysts attribute this bullish sentiment to expectations of a more favorable regulatory environment under President-elect Donald Trump’s administration. Trump’s promises to remove Gary Gensler from his role as SEC Chair have further fueled optimism among crypto investors.

Source: TradingView

Technical Indicators Point to Further Upside

Data shows that ADA’s funding rates have spiked, signaling strong interest in long positions. Short liquidations totaled $3.17 million on November 22, with demand zones forming around $0.80, supported by the weekly 200 SMA.

Pseudonymous analyst Sssebi noted limited resistance up to $1.20, suggesting further upward momentum. Technical charts reveal that ADA has flipped key levels into support, including the 100-week and 200-week SMAs, indicating strong bullish sentiment.

As Cardano continues its ascent, investors are eyeing $1.20 as the next significant milestone.

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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.


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