Dogecoin

Cardano

bullish

Bitcoin

<p class="is-style-lead">Cardano price made a strong bullish breakout on Wednesday, Nov. 20, as the crypto fear and greed index rose and Bitcoin reached a record high.</p> 
<p>Cardano (<a href="https://crypto.news/price/cardano/" target="_blank">ADA</a>), the popular proof-of-stake cryptocurrency, surged to an intraday high of $0.830, bringing its market capitalization to nearly $30 billion.</p> 
<p>This rally was driven by the ongoing risk-on sentiment in the crypto market, reflected in the fear and greed index jumping to 84.</p> 
<p>Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) also climbed to a record high of $94,200, with analysts optimistic that it could reach $100,000 as soon as this week.</p> 
<h2 class="wp-block-heading" id="three-key-drivers-of-growth">Three key drivers of growth</h2> 
<p>First, November seasonality is supporting cryptocurrencies, as it is historically the best-performing month for the asset class. According to <a href="https://www.coinglass.com/today" target="_blank" rel="nofollow">Coinglass</a>, Bitcoin averages a 45% monthly return during this period.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/from-1k-to-100k-usdt-5-coins-to-multiply-portfolios/"> From 1k to 100k USDT: 5 coins to multiply portfolios </a> </p> 
<p>Second, Cardano’s rally is fueled by optimism surrounding the incoming <a href="https://crypto.news/trump-favors-crypto-lawyer-and-former-sec-attorney-teresa-goody-guillen-to-head-sec/" target="_blank">Trump administration will be bullish</a> for cryptocurrencies. Many are already predicting a spot ADA exchange-traded fund could be approved as early as 2025.&nbsp;</p> 
<p>Third, the Federal Reserve’s dovish tone, signaling continued interest rate cuts into 2025, has boosted risk assets.</p> 
<p>These factors, combined with Solana (<a href="https://crypto.news/price/solana/" target="_blank">SOL</a>) becoming increasingly expensive, have drawn investors to more affordable tokens like Cardano. Additionally, fear of missing out among both retail and institutional investors has contributed to the rally.</p> 
<p>Analysts remain bullish on Cardano. In an X post, crypto analyst Beastlyorion, who has over 71,000 followers, projected ADA could reach $10 in the long term—a potential 1,100% increase from the current level.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/Beastlyorion/status/1859175576981934332 
 </div>
</figure> 
<h2 class="wp-block-heading" id="cardano-price-analysis">Cardano price analysis</h2> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/11/Cardano-Price-1.png" alt="Cardano price" class="wp-image-14312328">
 <figcaption class="wp-element-caption">
  ADA price chart | Source: <a href="https://crypto.news/price/cardano/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
<p>On the weekly chart, Cardano has formed a double-bottom pattern at $0.26 and has now broken above the neckline at $0.81, its highest level since March this year. This breakout aligns with the ultimate resistance level of the Murrey Math Lines.</p> 
<p>The cryptocurrency has also moved above the 50-week and 25-week weighted moving averages, with the Relative Strength Index trending upwards.</p> 
<p>Given these factors, Cardano’s price is likely to continue rising, with bulls targeting the 50% Fibonacci retracement level at $1.60—approximately 93% higher than the current price.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/dogecoin-price-deja-vu-analyst-predicts-a-112-surge/"> Dogecoin price déjà vu? Analyst predicts a 112% surge </a> </p>

Cardano price breaks out; popular crypto pro sees it hitting $10

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