Cardano Surges 189%: On a Path To $1 Soon?

Cardano has been rising since the day of the US election. With some corrections at important levels of Fib, ADA has surged by 189% in the last 16 days. The token was at this price last in May 2022 when the market was falling. It had fallen from an ATH of $3.105 to a bottom of $0.2586, almost a 93% price drop. But with the rising market conditions, would it be able to break its previous all-time high? Let’s find out.

Bitcoin Takes the Spotlight

Bitcoin is stealing all the attention right now. It hit a jaw-dropping $99,382 on November 22, gaining 11.39% in just a week. Ever since the election, it has been on fire, with a 48.30% rise that’s turned heads across the market. Bitcoin’s rally is creating a ripple effect, pulling other coins into its bullish orbit.

Ethereum Joins the Party

Ethereum isn’t far behind. It’s gained 29% this month, now trading at $3,292. This kind of rise shows that it’s not just Bitcoin leading the charge—altcoins are making their presence felt too. Ethereum’s performance gives hope to investors betting on broader market growth.

ADA’s Comeback: What’s Driving It?

Cardano is riding this wave with an impressive 11% surge in just 24 hours, touching $0.860 on November 22. The rise isn’t random. Investors are placing big bets, as seen in the funding rate climbing to 0.0417%. This bullish sentiment caused $3.17 million in short liquidations, compared to $1.37 million for longs. Buyers are clearly in the driver’s seat.

Technically, things look interesting. ADA is holding strong near $0.90, close to a demand zone where 1.68 billion tokens were traded at $0.7965 on average. Meanwhile, the 100-day moving average is closing in on the 200-day moving average—a classic bullish signal. The only concern? Its RSI is at 85.70, hinting that the market might be getting overheated.

What to Expect

ADA has some hurdles to clear before hitting $1. Resistance starts at $1.06, with heavy sell pressure around $0.93. Breaking past $1 would be huge, not just psychologically but also for the charts. With Bitcoin’s rally boosting confidence and Cardano showing strong technical signals, could this be the start of something bigger? Keep an eye on it—it’s not over yet.