Logo
Cardano Ecosystem

Crypto Data Space

12/09/2023

·

216 views


Surging Cardano: Approaching 1 Dollars Milestone Following a Dramatic Breakout – Is a Top 5 Ranking on the Horizon?

Crypto News- Cardano (ADA) boldly shattered its narrow trading confines on December 8, triumphantly overcoming the psychological resistance at $0.45 as bullish forces took charge. The bears were left...

Surging Cardano: Approaching 1 Dollars Milestone Following a Dramatic Breakout – Is a Top 5 Ranking on the Horizon?

Crypto News- Cardano (ADA) boldly shattered its narrow trading confines on December 8, triumphantly overcoming the psychological resistance at $0.45 as bullish forces took charge. The bears were left powerless, allowing the token to soar to an impressive $0.58.

Surging Cardano: Approaching 1 Dollars Milestone Following a Dramatic Breakout – Is a Top 5 Ranking on the Horizon?

In the past 24 hours, ADA emerged as the standout performer among the top 10 cryptocurrencies, notching an impressive 23.98% gain, according to CoinMarketCap. Surprisingly, only Avalanche (AVAX) managed to achieve a double-digit surge within the same period.

Yet, signs of ADA being overbought loom large, evident in the Relative Strength Index (RSI) reaching 85.45 at present. While a reversal may be on the cards, any retracement is likely to find support around $0.55, a level that acted as resistance during the uptrend.

Piyasa Dalgalanması 138 Milyon Dolarlık Likiditeye Sebep Oldu

The Awesome Oscillator (AO), however, paints a different picture, indicating sustained upward momentum for ADA. A potential pullback, coupled with renewed buying pressure, could propel ADA beyond the $0.65 mark. Crypto analyst Ali Martinez, who foresaw ADA’s breakout, previously hinted at the possibility of the coin hitting $0.75 by late December if the upward momentum persists.

However, achieving the $0.75 milestone or higher hinges on robust buying activity. Traders are advised to keep a watchful eye on Bitcoin’s (BTC) movements, with a potential jump to $47,000 before December’s close potentially influencing ADA’s ascent, given their 0.96 correlation coefficient.

Cardano’s prowess extends beyond its price surge. According to DefiLlama, Cardano now stands as the 9th most valuable project in terms of Total Value Locked (TVL), currently boasting a TVL of $379.64 million. This figure reflects a remarkable 44.54% surge over the past week, marking the highest TVL since March 2022. The surge in TVL signifies growing trust among 72,821 addresses, anticipating substantial yields from locked assets. Should this trend persist, Cardano could soon surpass another chain to secure the 8th position, though fierce competition from Avalanche adds an element of uncertainty.

Surging Cardano: Approaching 1 Dollars Milestone Following a Dramatic Breakout – Is a Top 5 Ranking on the Horizon?
AD

Proposals Catalyst F14 - Cast your vote, search "Otavio" in the Voting App.

If you are you using your ADA to vote in Cardano’s Project Catalyst don’t forget to voice your vote. We would be excited if you can see, comment, share and vote for us. Tip: To find them its easiest to search for "Otavio"Vote for Us


Read Original Article on Crypto Data Space

ORIGINAL SOURCE

https://cryptodataspace.com/crypto-news/...

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.


More from Crypto Data Space

See more
Cardano Rally Alert: Analyst Predicts More Explosive Growth - Crypto Data Space
Crypto Data Space
Cardano Rally Alert: Analyst Predicts More Explosive Growth - Crypto Data Space

09/18/2025

·

28 views

Related News

See more
Voting for Us - Catalyst Fund 14

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)