Cardano (ADA) Price Pumps on Weekly and Monthly Charts
- Barbara StreisandOriginal
- 2024-11-11 16:12:201006browse
As the new upswing in the crypto market begins, experts predict that the ADA price will penetrate the $0.5 – $0.6 range in the next few days.
Cryptocurrency prices have been rising sharply in recent weeks, and Cardano (ADA) is no exception. The ADA price has risen by 71% on the biweekly chart and 68% on the monthly basis. At the time of writing, ADA is trading at $0.5822, according to data obtained from CoinMarketCap.
Several factors could be contributing to the upsurge in ADA price. Firstly, the broader crypto market is experiencing a bullish trend, with Bitcoin (BTC) and Ethereum (ETH) prices also rising significantly. This uptrend is likely to be driven by several factors, including the upcoming US presidential election, the launch of Bakkt and the growing institutional interest in cryptocurrencies.
Secondly, Cardano is set to launch its Alonzo hard fork in the coming weeks. Alonzo will introduce smart contract functionality to the Cardano blockchain, which is a highly anticipated development. Smart contracts are expected to open up a wide range of new possibilities for Cardano, including the development of decentralized applications (dApps), DeFi protocols and NFTs.
Several analysts are now sharing their predictions for the ADA price in the coming weeks and months. Zayk Charts recently noted that ADA has broken out of a falling wedge breakout on the 1-day chart, which is a bullish technical pattern. According to Zayk Charts, ADA could beIJ headed for the $0.6100 price level, which would represent a 60-70% increase from the current price.
Other analysts, such as Sssebi, are also optimistic about the DeFi cryptocurrency. They recently noted that ADA could be priced at $1.40 if Donald Trump wins the US presidential election, which would be a significant increase from the current price. Trump emerged as the winner on November 6th.
Overall, the outlook for ADA appears to be positive, with several factors likely to continue driving the price higher. However, it is important to note that the cryptocurrency market is highly volatile, and prices can change rapidly. As such, investors should always exercise caution and conduct their own research before making any investment decisions.
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