Cardano Hits 2-Year High Of $0.97, Analyst Bullish On $1 Target For The Weekend

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As a seasoned crypto investor who has witnessed the ups and downs of the market since its inception, I must admit that Cardano’s recent surge has rekindled my optimism. Having seen ADA‘s price plummet to as low as $0.22 back in 2023, it’s a breath of fresh air to see it breaking new year-highs above $0.90.

Over the past three weeks, Cardano (ADA) has shown exceptional growth, soaring more than 200% and reaching a 2.5-year peak. Today, the cryptocurrency experienced a significant increase of over 20%, breaking the $0.90 barrier, which has sparked optimism among investors for the potential achievement of the long-desired $1 milestone.

Cardano Makes New Year-High Above $0.90

On Friday, Cardano managed to surpass the $0.81 barrier and soared towards $0.90, achieving a new peak of $0.97 for the year. This impressive rise corresponds to a 22% increase in just 24 hours, propelling the token to its highest price level since late April 2022.

Approximately three years back, Cardano reached a high of around $3.10, but subsequently failed to maintain its bullish trend as the cryptocurrency market faced difficulties, reaching its lowest point at $0.22 in June 2023. Since then, ADA has dipped 92% below its record high, leading to significant criticism for not keeping pace with the rest of the market.

Despite a setback later on, the cryptocurrency soared to $0.81 during Q1 2024, but it subsequently dropped by 66% of its gains over the following months. However, in the past three weeks, the latest market surge has allowed ADA to surpass many alternative coins, rekindling curiosity about this cryptocurrency.

Based on information from CoinGlass, the open interest (OI) for Cardano experienced a significant rise of approximately 28.25% within the last 24 hours, reaching an impressive $855.5 million today. Moreover, there has been a noticeable upward trend of around 11% in just the past four hours, implying heightened activity and growing optimism among cryptocurrency traders.

ADA To Hit $1 Soon?

Recently, Cardano enthusiasts and crypto experts have shown optimism about ADA’s exceptional growth. According to crypto expert Ali Martinez, Cardano has seen a rise of more than 200% in the past month, driven primarily by large-scale investors (whales) and institutional investments.

According to the article, there’s been a substantial surge of about 297% in the number of significant ADA transactions on the network since the U.S. election. This peak was reached on November 19, totaling approximately $22 billion.

In simpler terms, Martinez indicated that these substantial deals are connected to a significant rise in holdings, since the number of ‘whales’ (large investors) with ADA between $1 million and $10 million has increased their stakes by more than double over the past month.

In my analysis, I’ve noticed that ADA appears to be replicating its price pattern from 2020-2021. According to NewsBTC, I’ve proposed that this digital currency could potentially surge by a staggering 2,000% and reach the $6 mark if it maintains its historical trajectory.

When the price climbed above $0.90, Martinez noted that the $0.80 level, at which approximately 48,000 addresses had purchased 1.2 billion ADA, should be closely monitored as it could serve as a significant “area of potential support,” helping to sustain the bullish argument.

According to analyst Sebastian’s analysis, once ADA surpasses the $0.80 barrier, there’s not much more resistance until it reaches $1.2. This suggests that ADA might experience a significant increase, aiming for the anticipated $1 milestone over the coming weekend.

As of this writing, ADA is trading at $0.97, a 46% increase in the last seven days.

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2024-11-23 17:10