Cardano (ADA) Rallies Alongside the Crypto Market
The past month has witnessed a significant rally in Cardano (ADA), reflecting the overall momentum of the broader crypto market. This surge can be attributed, in part, to Bitcoin’s (BTC) lead in the rally, driven by the anticipation of US regulators approving a spot BTC exchange-traded fund (ETF). Another contributing factor was the Cardano Summit 2023, a prominent crypto event that took place from November 2 to 4. Additionally, Cardano founder Charles Hoskinson’s announcement about moving towards a fully decentralized governance structure also boosted ADA’s price.
ADA Must Maintain its Key Demand Zone
Ali Martinez, a well-known crypto expert, emphasized that Cardano is currently situated within the $0.37 – $0.38 range, which serves as the token’s crucial demand zone. Within this range, 166,470 crypto wallets purchased 4.88 billion ADA. Martinez believes that if ADA can uphold this area due to weak resistance and strong support, it could potentially reach new yearly highs.
“With minimal resistance ahead and solid support below, remaining above this zone could pave the way for ADA to climb to new yearly highs.”
– Ali Martinez
ADA Price Analysis
Currently trading at $0.38, ADA has experienced a 2.8% decrease in the past 24 hours. Nevertheless, AI algorithms used by CoinCodex predict that ADA will continue its recent uptrend and estimate it could reach $0.86 within the next three months, indicating a potential upside of over 125%.
Hot Take: Further Gains Ahead for ADA?
Given Cardano’s positive sentiment, strong demand zone, and potential resistance points, it appears that ADA may be poised for further gains. If ADA manages to maintain its key price range and overcome these resistance levels, it could potentially reach new yearly highs and experience a significant surge in value.
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