Cardano Sees Another 6% Jump
The price of Cardano has jumped by 6% in the last 24 hours, hitting $0.408 at 5 a.m. ET as institutional interest spiked. However, the price has since corrected and is now the highest point ADA has seen since May.
During the past week, Cardano’s price has seen a lot of volatility, struggling to breach resistance at $0.38 between November 9 and 11. It finally climbed above this mark on November 11, reaching $0.3937, but was rejected back to $0.38, which started acting as a support.
However, this support was broken on November 13, causing ADA’s price to spiral down to its lowest point in the past seven days on November 14 when it dropped to $0.3457. Following this sudden undervaluation, Cardano’s price saw a sharp recovery that brought it up to $0.3822 before spiking again to $0.408.
As often happens with quick price jumps, ADA saw a correction soon after and is currently at $0.3915, with daily volume up by 65% at $685.5 million.
Investors Anticipate Another Surge
The new surge in Cardano’s price is believed to result from great hype and anticipation of a massive surge expected to take the coin to $0.75. Analysts claim that ADA will first have to defeat critical resistance at $0.45 for it to climb to $0.75 at some point in December.
Some predict that Cardano will see a 650% surge by July 2024, as crypto analyst Ali Martinez wrote in a post on X.
Twitter User’s Prediction
#Cardano‘s current consolidation trend eerily mirrors the 2018-2020 phase without the COVID-19 crash!
If so, $ADA could break through the $0.45 resistance around the first week of December. The upswing could send #ADA to $0.75 by late December.
Looking to trade this setup? Head… pic.twitter.com/u3KzOsZj2F
— Ali (@ali_charts) November 16, 2023
Potential Breakout for Cardano
Others have also pointed out that recent SOL and AVAX rallies are signals that an ADA breakout is coming.
New Project Gains Attention
While ADA has taken the spotlight among established cryptocurrencies,
The project’s presale has raised over $4.04 million as of the time of writing in anticipation of another increase in the price of its token, BTCMTX.
A Unique Offering
The project aims to offer all its users the opportunity to start mining Bitcoin without buying expensive equipment by providing a cloud mining platform for BTC where users can stake its native token and receive credits that allow them to mine Bitcoin.
Fully Decentralized Platform
To ensure its users that it is legitimate, the project and its platform are fully decentralized and transparent, eliminating any risk or suspicions of potential scams.
You can buy BTCMTX.
Hot Take: A Promising Future for Cardano
The recent spike in Cardano’s price shows promise for further growth if it can overcome critical resistance levels as predicted by analysts and investors alike.
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