Cardano

Cryptocurrency

Terra Classic

Terra

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 <p class="paragraph">The past month has seen Cardano (ADA) experience a substantial rally, mirroring the broader crypto market‘s momentum.&nbsp;</p>
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 <p class="paragraph">The catalyst behind this surge stems in part from Bitcoin’s (BTC) lead in the rally, fueled by mounting expectations that US regulators are on the brink of approving a spot BTC exchange-traded fund (ETF).&nbsp;</p>
 <p class="paragraph">Additionally, the price rise was also boosted by the Cardano Summit 2023, a prominent crypto event that took place from November 2 to 4, as well as the recent announcement by Cardano founder Charles Hoskinson, in which he revealed plans to move towards a fully decentralized governance structure.</p>
 <p class="paragraph">This positive sentiment has injected a fresh wave of optimism into the market, propelling ADA to a crucial demand area. According to a prominent analyst, maintaining this position could pave the way for further gains, potentially toward <a rel="noopener noreferrer nofollow" title="yearly" href="https://thebittimes.com/tag/yearly.html">yearly</a> highs for the popular altcoin.</p>
 <h2 class="wp-block-heading" id="h-ada-must-uphold-this-price-range-analyst-says">ADA must uphold this price range, analyst says</h2>
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 <p class="paragraph">Well-known crypto expert Ali Martinez said Cardano currently sits in the $0.37 – $0.38 range, which represents the token’s key demand zone.</p>
 <p class="paragraph">In this price range, 166,470 crypto wallets bought 4.88 billion ADA. Given weak resistance and strong support beneath it, upholding this area would allow the token to hit new <a rel="noopener noreferrer nofollow" title="yearly" href="https://thebittimes.com/tag/yearly.html">yearly</a> highs, said Martinez in his X post on November 27.</p>
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  <p class="paragraph">“With minimal resistance ahead and solid support below, remaining above this zone could pave the way for $ADA to climb to new <a rel="noopener noreferrer nofollow" title="yearly" href="https://thebittimes.com/tag/yearly.html">yearly</a> highs.”</p> <cite>– Martinez wrote.</cite>
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 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/6ILnc49l_lcV8RLgnyVRqthgRUgGbOpOVMGQQtDe-Gv2FD6j14RVSl3sSkSKKMkAq-w6uvRQalqiBvIdD-1Sq_ayhEaEGKv5-bEU88TPRUCPHlGye8YmI36I0zutWSp2vnqzmEPpXa2_Br_494TfXGc" alt>
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   In/Out of the money data regarding ADA. Source: Ali Martinez
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 <p class="paragraph">On the flip side, losing this support could “trigger a brief correction to $0.34,” he added.&nbsp;</p>
 <p class="paragraph">Currently, more than 70% of wallets that purchased Cardano in the price range of $0.32 to $0.44 are ‘in the money’ – meaning their investments are profitable. Meanwhile, around 26% of these positions are unprofitable, while 3.8% are sitting at a breakeven point.&nbsp;</p>
 <p class="paragraph">In addition, pseudonymous cryptocurrency analyst <em>CoinsKid</em> said last week that “Cardano could be gearing up for a MASSIVE move to $0.7497 and $1.80 eventually” – two price points that represent two “key areas of untapped resistance,” he explained.</p>
 <h2 class="wp-block-heading" id="h-ada-price-analysis">ADA price analysis</h2>
 <p class="paragraph">ADA is currently trading at $0.38, down 2.8% in the past 24 hours.</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/iOfGWjsVR2i6GY4hl4q2SJXy5k0BUsnyTlX8_s2j7pmDVl__UG5oPSzlT26NEn5ymIuEeSKke5E1ptQgwBaDscnBQ3VGNQnDn3kFwLLtb1YL9I7iBvoWajU-1IrVo1IjmmOmGqXWUe8sD0w78oZB5uw" alt>
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   ADA 1-day price chart. Source: Finbold
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 <p class="paragraph">The crypto token lost around 3.3% across the last week, but its monthly performance sits at +34%, wit the altcoin adding $3.2 billion to its market cap during this 30-day period.</p>
 <p class="paragraph">Looking ahead, algorithms powered by artificial intelligence (AI) technology expect ADA to continue its recent uptrend. Notably, algorithms utilized at the crypto analytics platform <em>CoinCodex</em> estimate the cryptocurrency to hit $0.86 in the next three months, implying a potential upside of more than 125%.&nbsp;</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cardano-could-hit-a-new-yearly-high-before-end-of-2023-tbt71747.html">https://thebittimes.com/cardano-could-hit-a-new-yearly-high-before-end-of-2023-tbt71747.html</a></p>

Cardano could hit a new yearly high before end of 2023

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