Why Cardano Price Jumped 17% After Breaking Resistance

Highlights

• Cardano Price address activity spikes, reaching its highest since early September.
• Whale transactions increase, showing heightened interest from major investors.
• Analyst forecasts 100% upside potential for ADA with trendline breakout.

Cardano (ADA) price has emerged as a top performer in the latest crypto market surge, recording over 17% growth within 24 hours. This significant price increase aligns with gains seen across various cryptocurrencies, reflecting renewed interest and positive momentum in the crypto space.  With ADA breaking key resistance levels, the altcoin shows potential for continued upward movement, signaling a favorable outlook in the evolving digital currency landscape.

Cardano Price Surges 17% After Breaking Key Resistance Level

The latest ADA price has surged 17% in the last 24 hours, reaching $0.4236 and hitting a four-month high. This jump followed a broader market rally, with Cardano rebounding over 23% in the past week after breaking through a multi-month downtrend. The crypto market gained momentum after Donald Trump’s victory in the 2024 U.S. presidential election, fueling optimism across digital assets. 

Bitcoin, leading the charge, set a new all-time high of $76,943 on November 7, while Ethereum also rose above $2,900. Cardano’s strong performance highlights renewed investor interest, pushing it past key resistance levels and outperforming other top crypto markets in recent gains.

Address Activity and Whale Transactions Fueling the Surge

Data reveals that Cardano has hit notable milestones during this surge. A record-breaking 37,892 unique ADA addresses engaged in transfers in a single day, marking the highest address activity since early September. 

Furthermore, substantial transactions of $100,000 or more reached 697 on the same day, indicating intensified activity from large investors, or “whales,” the highest count since early September.

The latest rally has pushed Cardano above the $0.43 mark for the first time since July, a promising sign for ADA enthusiasts. This sustained increase in address activity and whale transactions suggests heightened market confidence, with potential FOMO building among retail investors. As Cardano rides this bullish wave, the community watches closely to see if the momentum will continue.

🚀 Cardano has been one of the notable surprise altcoins taking flight during this crypto-wide pump. Now up over +25% in the past 3 days, we may be seeing some retail FOMO coming soon. This has been a long time coming for the patient ADA community. pic.twitter.com/Ph2ZFFKnIU

— Santiment (@santimentfeed) November 8, 2024

Analyst Eyes 100% Upside for ADA Price

Crypto analyst recently hinted at a promising potential for an ADA price surge. According to his analysis, ADA could witness a 100% upward movement, suggesting a major breakout is on the horizon. The analyst highlights a prolonged period of price consolidation, with ADA forming a consistent descending trendline.

Breaking this trendline could pave the way for significant gains, possibly doubling ADA’s current value. Technical indicators hint at a shift in momentum, adding weight to the analyst’s forecast. The volume profile also shows increased buying interest, indicating rising investor confidence.

#ADA: Watch out, 100% move possible. #Cardano pic.twitter.com/79qUqfAxnV

— Mind Trader (@mindandtrading) November 8, 2024

Cardano’s recent breakout, record address activity, and rising interest from major investors create a strong case for its growth. The top coin could maintain its momentum with favorable market conditions and potentially approach $1 soon.

Frequently Asked Questions (FAQs)

Cardano surged after breaking resistance and amid a crypto market rally.

Increased whale activity, high address engagement, and breaking resistance fueled it.

It indicates rising user engagement, which boosts confidence and interest in ADA.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.