Cardano

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<p>Cardano (ADA) is making headlines as it leads the market with a remarkable price surge, defying broader crypto trends. On November 16, 2024, while other assets struggled to gain momentum, the<a href="https://coinpedia.org/news/cardano-not-showing-enough-market-strength-for-an-explosive-breakout-analyst-jason-pizzino/"> ADA price</a> registered a significant price surge of 28%.</p>   
<h2 class="wp-block-heading" id="h-cardano-ada-price-momentum-and-its-28-gain"><strong>Cardano (ADA) Price Momentum and its 28% Gain</strong></h2>   
<p>Meanwhile, the asset has experienced a 7% upward momentum in the past hour and is currently gaining significant attention from crypto enthusiasts. With this notable price rally, ADA is currently trading near $0.732. Additionally, the asset’s trading volume has jumped by 180% in the past 24 hours, highlighting heightened participation from traders and investors amid the ongoing rally.</p>   
<h2 class="wp-block-heading" id="h-ada-technical-analysis-and-upcoming-levels"><strong>ADA Technical Analysis and Upcoming Levels</strong></h2>   
<p>With a significant price surge in the past 24 hours, the asset’s price has reached a crucial level. According to expert technical analysis, ADA has reached a crucial resistance level of $0.775 for the first time since March 2024. This notable rally follows a breakout after four days of small consolidation near a support level of $0.60.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/16064331/ADAUSDT_2024-11-16_06-43-09.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/16064331/ADAUSDT_2024-11-16_06-43-09-1024x448.png" alt="" class="wp-image-380495"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>Based on recent price action and historical momentum, if ADA breaches the resistance level and closes a daily candle above $0.80, there is a strong possibility that the asset could soar by 27% or 55%, reaching $1.01 or $1.23 in the coming days.</p>   
<p>Looking at the current market sentiment and recent price action, it appears that ADA could reach this level in the coming days.</p>   
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics"><strong>Bullish On-Chain Metrics</strong></h2>   
<p>On-chain metrics further support ADA’s positive outlook. According to the on-chain analytics firm, its <a href="https://www.coinglass.com/currencies/ADA" target="_blank" rel="noreferrer noopener nofollow">open interest</a> has surged by 39% in the past 24 hours and 13% in the past four hours. This rising open interest suggests heightened participation and strong confidence among traders, resulting in a significant increase in open positions.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/16064419/image-262.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/16064419/image-262-1024x359.png" alt="" class="wp-image-380496"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>   
<p>Notably, such a substantial rise in open interest at a crucial resistance level is considered a bullish sign for Cardano (ADA) in the long term. Additionally, ADA’s long/short ratio currently stands at 1.002, indicating strong bullish sentiment among traders.</p>

Cardano (ADA) Could Soar by 55%, Price Reaches Crucial Level

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