Cardano

bullish

2024

<p>Besides an impressive gain of over 43% in the past week, Cardano (ADA) is poised to continue this upward rally in the coming days, as it has formed a strong bullish price action pattern on its daily time frame. With this bullish price action, heightened participation from traders and investors has been observed.</p>  
<h2 class="wp-block-heading" id="h-whale-activity-large-transaction-volume-jumps-42"><strong>Whale Activity: Large Transaction Volume Jumps 42%</strong></h2>  
<p>According to the on-chain analytics firm <a href="https://app.intotheblock.com/coin/ADA" target="_blank" rel="noopener noreferrer nofollow">IntoTheBlock</a>, the large transaction volume on ADA has jumped by 30%, indicating strong participation from whales and institutions following bullish price action and suggesting a strong buying opportunity.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/11/22062738/image-64.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/22062738/image-64-1024x120.png" alt="" class="wp-image-383379"></a>
 <figcaption class="wp-element-caption">
  Source: IntoTheBlock
 </figcaption>
</figure>  
<p>In addition to the increased transaction volume, daily active addresses have soared by 42%, signaling heightened activity and participation from traders and investors, as the price is poised for an impressive rally.</p>  
<h2 class="wp-block-heading" id="h-ada-s-rising-open-interest-nbsp"><strong>ADA’s Rising Open Interest&nbsp;</strong></h2>  
<p>Besides whale activity, traders are aggressively participating in altcoins. According to recent data from the on-chain analytics firm Coinglass, ADA's open interest (OI) has soared by 5.76% in the past 24 hours and 3.15% in the past hour. This growing OI suggests strong trader participation over the past four hours, contributing to the upside rally.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/11/22062826/image-68.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/22062826/image-68-1024x356.png" alt="" class="wp-image-383380"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>  
<p>Both pieces of data from the on-chain analytics firm hint at a perfect buying opportunity and a potential rally.</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 strong resistance level of $0.77 and has recently closed a bullish hammer candle above that level. Based on the recent price momentum, if the <a href="https://coinpedia.org/price-prediction/cardano-price-prediction/" rel="noopener noreferrer nofollow">ADA price</a> breaks the previous high of the daily candles, there is a strong possibility it could soar by 20% to reach the $1 level in the coming days.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/11/22062652/ADAUSDT_2024-11-22_06-26-34.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/22062652/ADAUSDT_2024-11-22_06-26-34-1024x448.png" alt="" class="wp-image-383378"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<p>However, before the altcoin witnessed a breakout, it went through a five-day consolidation, which traders and investors viewed as a bullish sign for upside momentum. Historically, whenever an altcoin breaks out from a consolidation zone, it rallies significantly. This time, traders and investors expect similar upside momentum in the coming days.</p>  
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>  
<p>At press time, ADA is trading near $0.83 and has experienced a price surge of over 3.84% in the past 24 hours. During the same period, its trading volume dropped by 30%, indicating lower participation from traders compared to the previous day.</p>

Cardano (ADA) Price Prediction For November 2024

Table of Contents

CoinPedia News

Other articles published on Nov 22, 2024

Charles Schwab Prepares for Spot Crypto Trading

Bitcoin Hits Record High as BlackRock's IBIT Sets New Trading Volume Milestone

Bonk and Dogecoin Rivaled: A New Memecoin Sensation Targets 7,000% Gains by Year-End!

GTA 6 moon theory gets debunked leaving fans distraught

Michael Saylor’s MicroStrategy Expands its Bitcoin Reserves to 331,000 With Latest Acquisition

Will Bitcoin Hit $100,000 Soon?

Join our free newsletter for daily crypto updates!