Cardano

Rally

Bitcoin ETF

Bull Market

<img width="2710" height="1454" src="https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54.png" class="attachment-full size-full wp-post-image" alt="Cardano price prediction chart" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54.png 2710w, https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
Cardano (ADA), the current ninth-largest cryptocurrency with $13.6 billion worth of market cap, increased by another 5% on Monday after the protocol’s founder Charles Hoskinson presented a potential partnership idea to Sam Altman, OpenAI’s founder. ADA price is now trading at $0.39 backed by a 9% increase in the 24-hour volume to $370 million, <a rel="nofollow" href="https://coinmarketcap.com/currencies/cardano/">CoinMarketCap</a>&nbsp;data shows. 
Over the last fortnight,&nbsp;<a href="https://coingape.com/price/cardano/">Cardano price</a>&nbsp;has increased by 10% with the smart contracts token surging 62% since the beginning of the year. 
<h2 class="p1" id="is-cardano-price-heading-to-1">Is Cardano Price Heading To $1?</h2> 
A couple of bullish crosses on the daily chart affirm the bullish thesis in ADA price. The first golden cross pattern formed when the 50-day Exponential Moving Average (EMA) (red) crossed above the 100-day EMA (blue). 
A golden cross pattern serves as an assurance that it’s time for bulls to take the reins. Its impact on the token pulled ADA above the dotted descending trendline and the resistance at $0.3. 
As investors booked positions ahead of the bull run, traders capitalized on short-term positions in ADA including scalping opportunities, which allow them to enter and exit the market on short time frames. 
Recommended for you: <a href="https://coingape.com/markets/xrp-price-prediction-xrp-could-hit-1-on-this-critical-technical-condition/">XRP Could Hit $1 On This Critical Technical Condition</a>&nbsp; 
The second golden cross pattern and the most impactful occurred with the 50-day EMA moving above the 200-day EMA (purple). This formation boosted Cardano through resistance at $0.33 and subsequently the seller congestion at $0.37. 
<figure id="attachment_165069" aria-describedby="caption-attachment-165069" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54.png"><img decoding="async" class="size-full wp-image-165069" src="https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54.png" alt="Cardano price prediction chart" width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54.png 2710w, https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/ADAUSD_2023-11-20_18-15-54-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px"></a>
 <figcaption id="caption-attachment-165069" class="wp-caption-text">
 Cardano price prediction chart | Tradingview
 </figcaption>
</figure> 
Although Cardano extended the up leg to $0.41, the token could not hold support at $0.4. Instead, a correction followed with ADA sweeping liquidity at $0.35. 
It stands out that resistance between $0.4 and $0.41 is the biggest blockade hindering bulls from starting the next recovery phase above $0.5. 
However, the Relative Strength Index (RSI) position above 70 (in the overbought region) could keep traders interested in ADA—who will provide the momentum required for gains past $0.5 while bringing the psychological $1 level within reach. 
Despite the obvious&nbsp;<a href="https://coingape.com/ada-up-5-analysts-expect-100-cardano-price-rally-by-christmas/?utm_source=24hrsupdatealtcoin">bullish outlook in Cardano</a>, it is too early to rule out consolidation possibly between support at $0.37 and resistance at $0.41. Movement above this region would imply a stronger breakout. 
However, trading below the same zone could be seen as a sign of weakness. In such a case, ADA is not immune to more dips with $0.33 and $0.3 still levels worth watching. 
<h2 class="p1" id="hoskinson-flaunts-potential-partnership-with-open-ai-founder-altman">Hoskinson Flaunts Potential Partnership With Open AI Founder Altman</h2> 
Charles Hoskinson, the founder of Cardano, seized the moment and invited the founder of artificial intelligence firm OpenAI Sam Altman to consider collaborating on a decentralized LLM. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Sam <a href="https://twitter.com/sama?ref_src=twsrc%5Etfw">@sama</a> since you have some free time now. If you are interested in doing a decentralized LLM, then hit me up. Would be a fun Cardano Partnerchain 
 — Charles Hoskinson (@IOHK_Charles) <a href="https://twitter.com/IOHK_Charles/status/1725670021924618552?ref_src=twsrc%5Etfw">November 18, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Altman, the man who helped grow OpenAI to become a leading AI company in the world boasting a multi-billion dollar deal with Microsoft, was fired as CEO by the board on Friday. 
With Altman out of OpenAI, Hopkinson believes a partnership on “a decentralized LLM” could entice Altman. However, the collaboration is unlikely following the latest developments regarding Altman being hired by Microsoft on an AI project. 
However, the thought of such a decentralized large language model project could elevate the Cardano ecosystem above other crypto networks and boost ADA price. 
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The post <a rel="nofollow" href="https://coingape.com/markets/cardano-price-leads-bull-market-rally-as-hoskinson-dangles-decentralized-llm-partnership-to-open-ai-founder-altman/">Cardano (ADA) Leads Bull Market Rally; Is $1 ADA Price Next?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Cardano (ADA) Leads Bull Market Rally; Is $1 ADA Price Next?

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