Cardano

bullish

Over the weekend, Cardano (<a href="https://yellow.com/asset/ada">ADA</a>) emerged as the 9th largest digital asset as it achieved a<a href="https://zycrypto.com/cardano-surges-86-in-7-days-as-retail-fomo-returns-3-ada-all-time-high-coming/"> market capitalization </a>of over $21.51 billion. As of Sunday, November 10, Cardano has flipped Tron (TRX) as ADA witnesses a 40% price rise, resulting in the token adding over $3 billion to its market cap in the 24 hours preceding the day. 
On Sunday, Cardano was trading at $0.617, its three-month high. This was a result of a rally caused by the fear of missing out (FOMO) from retail traders. According to the On-chain analytics platform Sentiment, Cardano experienced a surprising rally which was long-awaited by the “patient ADA community”. 
Retail traders cashed in on the surge in Cardano trading volumes in the 24 hours leading up to November 10. The token’s trading volume rose over 160% in 24 hours and crypto traders profited from this surge. 
The rise in retail interest in turn caused a spike in ADA addresses which crossed 37,000 unique addresses. These ADA addresses made massive Cardano transfers resulting in further price surges. This was the highest number of ADA addresses in the last 2 months. 
Not just the retail interest, Cardano also experienced an increase in whale activity as large wallet transactions of more than $100,000 touched the highest number in the last 2 months. There were 697 Cardano whale transactions observed in the last 24 hours leading up to November 10. 
This has led to crypto analysts like Dan Gambardello forecasting that the altcoin will form another market top as ADA is repeating previous patterns. Gambardello pointed out that Cardanobis following its 2020 bill cycle where it went on a historic bill run, gaining over 4000% to reach an all-time high of $3.10 in 10 months. 
Another crypto analyst Ali Charts predicted a 2000% price rise for the alcoin where Cardano would set a new ATH at $6.31. The token might hit new targets in September 2025 if that happens. 
This prediction is vindicated by the surge in the derivatives market where traders are already thinking about price volatility. In the 24 hours leading up to November 10, Cardano's open interest grew by 65% to reach $546 million, the highest in 7 months which suggests that crypto traders are positioning for future price movements. 
An increase in open interest is indicative of bullish sentiments in traders as they get more inclined towards buying the altcoin. Analysts are of the opinion that the rise in OI coupled with the increase in Cardano trading volumes will lead to a sustained upward trend which might take the token to new heights. 
At the time of the publication, ADA was up 0.81% to trade at $0.5844 on November 11 morning with a market cap and trading volume of $20.45 billion and $4.84 billion respectively.

Cardano Volume Rises 160% Along With Open Interest Surge, New ATH in Sight

Yellow News

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