Cardano

Momentum

FOMO

<p>Cardano (ADA) has made a comeback in the market, gaining significant attention from the crypto community due to its impressive performance over the past few days. ADA's performance has not only attracted investors and institutions but has also outperformed major cryptocurrencies such as Tron (TRX) and Toncoin (TON).</p>   
<h2 class="wp-block-heading" id="h-cardano-ada-current-price-momentum">Cardano (ADA) Current Price Momentum</h2>   
<p>With its bullish momentum, ADA is back in the top 10 cryptocurrencies list. It now appears poised to surpass Dogecoin (DOGE) and Ripple (XRP) to claim the seventh position.</p>   
<p>Currently, ADA is trading near $0.447 and has experienced a price surge of over 14.5% in the past 24 hours. This notable price increase has pushed it to a four-month high. During the same period, ADA’s trading volume surged by 180%, indicating heightened participation from crypto enthusiasts amid bullish market sentiment.</p>   
<h3 class="wp-block-heading" id="h-fomo-in-market">FOMO In Market&nbsp;</h3>   
<p>The current market sentiment appears highly bullish, and daily active addresses are continuously increasing, suggesting that investors have strong confidence in ADA. According to the on-chain analytics firm <a href="https://app.intotheblock.com/coin/ADA" target="_blank" rel="noreferrer noopener nofollow">IntoTheBlock</a>, daily active addresses have increased by 8.6% in the past 24 hours.</p>   
<h2 class="wp-block-heading" id="h-cardano-ada-technical-analysis-and-upcoming-levels">Cardano (ADA) Technical Analysis and Upcoming Levels</h2>   
<p>According to expert technical analysis, ADA appears bullish and is approaching a crucial resistance level at $0.45. Based on recent price action and historical momentum, if ADA breaches this resistance level and closes a daily candle above $0.45, there is a strong possibility that the asset could surge by 70% to reach $0.76 in the coming days.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/09021916/ADAUSDT_2024-11-09_02-18-40.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/09021916/ADAUSDT_2024-11-09_02-18-40-1024x449.png" alt="" class="wp-image-377700"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>Currently, ADA is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an uptrend or downtrend.</p>   
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics">Bullish On-Chain Metrics&nbsp;</h2>   
<p>On-chain metrics further support this bullish outlook. According to the on-chain analytics firm CoinGlass, ADA's Long/Short ratio currently stands at 1.03, indicating strong bullish market sentiment among traders.</p>   
<p>Additionally, open interest has surged by 29% and has been steadily rising. This consistent growth in open interest suggests increasing interest from traders, leading to a significant buildup of new positions over the past 24 hours.</p>   
<p>The combination of these on-chain metrics with technical analysis suggests that bulls are currently dominating the asset, which could help ADA breach the upcoming resistance and reach its target in the coming days.</p>

Cardano Aim For 70% Rally, ADA’s Bullish Comeback

Table of Contents

CoinPedia News

Other articles published on Nov 8, 2024

Ready to Go? Michael Saylor Reacts as Bitcoin (BTC) Nears Historic Highs

Ripple CEO to Donald Trump: Fire SEC Chair Gensler On Day 1, No Delays

Hong Kong Stock Exchange to Launch Unified Bitcoin and Ethereum Index

BlackRock's Bitcoin ETF Breaks Record with Highest Inflow Ever! Here Are the Details

Tapiero Anticipates Ethereum’s Significant Price Surge

$9.3B stablecoin exchange inflows have traders bracing higher Bitcoin prices

Join our free newsletter for daily crypto updates!