Cardano

Bitcoin

when

Cardano (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ada-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/ada-price-index">ADA</a>) price staged a solid rebound in the last four days, rising by over 33.7% to reach an intraday $0.436 on Nov. 8 as the market gathered strength following Donald Trump’s win in the United States <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-elections" rel="null" target="null" text="null" title="null">2024 Presidential Election</a>. 
ADA price is up 17% over the last 24 hours, outperforming the rest of the market, and up 28% over the last seven days.&nbsp;
<figure>
 <img alt="Ripple, SEC, XRP, Markets, Cardano, Tech Analysis, Market Analysis, Trading, Altcoin Watch" src="https://s3.cointelegraph.com/uploads/2024-11/01930a6e-aa11-7722-a753-327ceaf07047" title="">
 <figcaption style="text-align: center;">
 ADA/USD daily chart. Source: <a data-ct-non-breakable="null" href="https://www.tradingview.com/x/NTrZydBc/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/NTrZydBc/">TradingView</a>
 </figcaption>
</figure>
Let’s look at the factors driving the ADA price up today.
<h2 id="strong-ada-price-rises-alongside-bitcoin-ethereum-strong">ADA price rises alongside Bitcoin, Ethereum</h2>
The bullish sentiment was not only exclusive to Cardano as crypto prices also rallied across the board, buoyed by <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-presidential-victory-paves-way-100k-bitcoin-end-2024" rel="" target="_self" text="null" title="https://cointelegraph.com/news/trump-presidential-victory-paves-way-100k-bitcoin-end-2024">Donald Trump’s victory </a>in the US presidential race.&nbsp;
Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>), the largest cryptocurrency by market capitalization, led the gains and has jumped 9.6% over the last week to set a new all-time high of $76,943 on Nov. 7, including 12.7% gains since Nov. 5. Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="" target="_self" text="null" title="https://cointelegraph.com/ethereum-price">ETH</a>) has <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-trader-turns-38k-30m-after-8-year" rel="" target="_self" text="null" title="https://cointelegraph.com/news/ethereum-trader-turns-38k-30m-after-8-year">rallied more than 3%</a> over the last 24 hours to trade above $2,900.&nbsp;
<figure>
 <img alt="Ripple, SEC, XRP, Markets, Cardano, Tech Analysis, Market Analysis, Trading, Altcoin Watch" src="https://s3.cointelegraph.com/uploads/2024-11/01930a73-2230-7633-9406-ec64f035c6be" title="">
 <figcaption style="text-align: center;">
 24-hour performance of top-cap cryptocurrencies. Source: Coin360
 </figcaption>
</figure>
Other top-cap cryptocurrencies, including BNB Chain’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/binance-coin-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/binance-coin-price-index">BNB</a>, Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/solana-price-index">SOL</a>), XRP (<a data-ct-non-breakable="null" href="https://cointelegraph.com/xrp-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/xrp-price-index">XRP</a>), and Dogecoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/doge-price-index" rel="" target="_self" text="null" title="https://cointelegraph.com/doge-price-index">DOGE</a>), have also posted significant gains over the last few days.
Similarly, the total crypto market cap has increased by 2% over the last 24 hours and 14% over the last four days to rest at $2.57 trillion at the time of publication.
<figure>
 <img alt="Ripple, SEC, XRP, Markets, Cardano, Tech Analysis, Market Analysis, Trading, Altcoin Watch" src="https://s3.cointelegraph.com/uploads/2024-11/019306f7-6431-7927-8cd0-07328c996288" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/AP/status/1854111190273642830" rel="null" target="null" text="null" title="https://x.com/AP/status/1854111190273642830">The Associated Press</a>
 </figcaption>
</figure>
Trump’s win is viewed as bullish for the crypto market following his promise to foster a crypto-friendly business environment, boosting risk-on sentiment. 
In addition to the political factors, the Federal Reserve’s decision to reduce interest cuts by 0.25% on Nov. 7 has added tailwinds to the crypto market as the Fed cites easing labor market conditions and increasing confidence that inflation is moving sustainably toward the 2% target.
<figure>
 <img alt="Ripple, SEC, XRP, Markets, Cardano, Tech Analysis, Market Analysis, Trading, Altcoin Watch" src="https://s3.cointelegraph.com/uploads/2024-11/01930a7c-8f03-7693-baa1-430d2d343694" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/KobeissiLetter/status/1854600385282908656" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/KobeissiLetter/status/1854600385282908656">The Kobeissi Letter</a>
 </figcaption>
</figure>
Lower rates generally boost market liquidity and support asset valuations, creating a risk-on environment where investors seek higher returns, including crypto.
<h2 id="strong-ada-sees-a-spike-in-funding-rates-strong">ADA sees a spike in funding rates</h2>
ADA’s bullish price action on Nov. 8 is preceded by a jump in open interest-weighted funding rate. The chart below shows that ADA’s 8-hour OI-weighted funding rate has increased to 0.0159% on Nov. 7, the highest since June 2024.&nbsp;
This suggests a high appetite for long positions as ADA’s price gained around 17% over the last 24 hours.
<figure>
 <img alt="Ripple, SEC, XRP, Markets, Cardano, Tech Analysis, Market Analysis, Trading, Altcoin Watch" src="https://s3.cointelegraph.com/uploads/2024-11/01930a82-1041-7d82-bad9-6126a79446ff" title="">
 <figcaption style="text-align: center;">
 ADA OI-weighted funding rates. Source: CoinGlass
 </figcaption>
</figure>
ADA’s rally on Nov. 8 was accompanied by short liquidations totaling $1.67 million against $247,484 in long liquidations, with that tally continuing at the time of publication.
<figure>
 <img alt="Ripple, SEC, XRP, Markets, Cardano, Tech Analysis, Market Analysis, Trading, Altcoin Watch" src="https://s3.cointelegraph.com/uploads/2024-11/01930a84-93ee-773d-a1cd-0b3e447202cc" title="">
 <figcaption style="text-align: center;">
 ADA liquidations. Source: CoinGlass
 </figcaption>
</figure>
In other words, short traders were caught off-guard by ADA’s rise to $0.438. 
<h2 id="strong-cardano-price-more-gains-ahead-strong">Cardano price more gains ahead</h2>
Cardano’s gains today are part of a technical rebound that started on Nov. 5. Notably, the latest rally has seen the <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/a-beginners-guide-to-understanding-the-layers-of-blockchain-technology" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/a-beginners-guide-to-understanding-the-layers-of-blockchain-technology">layer-1</a> token break above its multimonth descending trendline resistance, as shown below.
ADA has witnessed various failed attempts to rise above this resistance, the most recent being its 32%-plus gains between Sept. 6 and Sept. 27, which was capped by sellers at $0.42.
<figure>
 <img alt="Ripple, SEC, XRP, Markets, Cardano, Tech Analysis, Market Analysis, Trading, Altcoin Watch" src="https://s3.cointelegraph.com/uploads/2024-11/01930a88-b0f2-7997-b4c6-83e2fac0deab" title="">
 <figcaption style="text-align: center;">
 ADA/USD weekly price chart. Source: TradingView
 </figcaption>
</figure>
As a result of this technical setup, the next logical target for ADA bulls will be the April 22 range high of $0.52, a 19% uptick from the current price.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<advertisement>
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Why is Cardano (ADA) price up today?

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