Cardano

bullish

April

View

<p>Despite the bullish market sentiment across the cryptocurrency landscape, <a href="https://coinpedia.org/price-prediction/cardano-price-prediction/" target="_blank" rel="noreferrer noopener">Cardano (ADA)</a> has been the only major cryptocurrency that has not experienced a significant upside rally.</p>   
<p>However, this idle <a href="https://coinpedia.org/news/why-crypto-market-is-going-up/" target="_blank" rel="noreferrer noopener">cryptocurrency is now poised for a notable rally</a>, thanks to Donald Trump, whose presidential win has shifted market sentiment, leading to the breakout of a strong resistance level.</p>   
<h2 class="wp-block-heading" id="h-cardano-ada-technical-analysis-and-upcoming-level"><strong>Cardano (ADA) Technical Analysis and Upcoming Level</strong></h2>   
<p>According to expert technical analysis, ADA has broken out from a strongly inclined trendline that it has been facing since April 2024. This breakout occurred after 38 days of price consolidation, which is now considered a bullish sign.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/08000211/ADAUSDT_2024-11-08_00-02-02.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/08000211/ADAUSDT_2024-11-08_00-02-02-1024x449.png" alt="" class="wp-image-377235"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>As of now, ADA is facing resistance from a 200 <a href="https://coinpedia.org/traders/exponential-moving-average-ema/" target="_blank" rel="noreferrer noopener">Exponential Moving Average</a> (EMA) on a daily time frame, which further indicates a downtrend.</p>   
<p>Following this breakout, experts suggest that there is a strong possibility ADA could soar by 30% to reach the $0.50 level in the coming days. However, this bullish thesis will hold only if ADA closes a daily candle above the $0.40 level; otherwise, it may fail.</p>   
<h3 class="wp-block-heading" id="h-ada-s-price-analysis-nbsp"><strong>ADA’s Price Analysis&nbsp;</strong></h3>   
<p>The potential reason for this breakout is the price surge and the bullish market sentiment. Currently, ADA is trading near $0.39 and has experienced a price surge of 12% over the last 24 hours. During the same period, its trading volume decreased by 13%, indicating lower participation from traders and investors.</p>   [post_titles_links postid="377224"]   
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics-nbsp"><strong>Bullish On-Chain Metrics&nbsp;</strong></h2>   
<p>Additionally, this breakout has also attracted new positions in the past 24 hours. According to the on-chain analytics firm <a href="https://www.coinglass.com/currencies/ADA" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>, ADA’s open interest has jumped by 18% and continues to rise steadily. This increasing open interest suggests growing trader interest and confidence in ADA and its upcoming price rally.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/08000312/image-101.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/08000312/image-101-1024x350.png" alt="" class="wp-image-377236"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>   
<p>Meanwhile, ADA’s Long/Short ratio currently stands at 1.03, indicating a strong bullish market sentiment among traders.</p>   
<p>When combining on-chain metrics with technical analysis, it appears that bulls are currently dominating the asset and could support ADA in its upcoming rally.</p>

ADA Breakout Alert, Cardano Set for 30% Rally

Table of Contents

CoinPedia News

Other articles published on Nov 7, 2024

Dogecoin’s price spike expected to drive gains in these meme coins

Trump’s Win Fuels Bitcoin Reserve Hopes

Ethena (ENA) & Raydium (RAY) Lead the Markets with Over 30% Gains-Here Begins the Biggest Altseason

How many cryptocurrencies are there? A growing industry

SEC’s Mark Uyeda has strong chance of becoming next chair — Lawyer

Kaspa’s On-Chain Metrics Explode – Will KAS Price Do the Same?

Join our free newsletter for daily crypto updates!