Cardano (ADA) is once again capturing the crypto market’s attention, trading at $0.44 after an impressive 18% surge in the last 24 hours and a 23.29% gain over the past week.
This surge, which kicked off in force on November 8, has propelled ADA back into the top 10 cryptocurrencies by market capitalization.
Following a rocky year, Cardano’s comeback story is marked by a massive $2.21 billion increase in market cap within 24 hours, rising from $13.04 billion to $15.25 billion.
Now perched at a crucial resistance level of $0.47, where its 50-day moving average resides, ADA faces a critical juncture that could see it either breaking through or consolidating.
The Bitcoin bull effect
Cardano’s resurgence comes in tandem with a broader market uptrend, fueled by Bitcoin’s ongoing rally to new highs. Bitcoin’s performance has had a knock-on effect across the crypto ecosystem, and ADA is one of the key beneficiaries riding this bullish wave.
As Bitcoin continues to break records, it’s creating an ideal environment for other assets like Cardano to gain ground.
Breaking through the $0.43 mark for the first time since July, ADA’s rally isn’t solely due to broader market sentiment. Increased whale activity has been instrumental in this climb.
Recent data shows that large holders are not only increasing their transactions but also boosting their holding time by 139%, signaling a renewed confidence in ADA.
This uptick in large-scale transactions serves as a bullish indicator, often a precursor to further price movement as big players start to accumulate. Santiment, a top crypto analytics platform, provided insights into this latest ADA rally:
“Cardano has been one of the notable surprise altcoins taking flight during this crypto-wide pump. Now up over +25% in the past 3 days, we may be seeing some retail FOMO coming soon. This has been a long time coming for the patient ADA community.”
In just three days, Cardano’s price has surged by over 25%, pushing past the $0.43 barrier amid heightened whale and network activity. Santiment’s data highlights 697 whale transactions worth $100,000 or more in a single day—the highest volume since early September. Meanwhile, the number of unique ADA addresses making transfers has also seen a noticeable uptick, adding fuel to the fire.
AI Cardano end of year price forecast
Finbold consulted ChatGPT-4o to gauge where Cardano could potentially end the year, given its current momentum and the recent surge in whale activity.
ChatGPT noted:
“Given that ADA has breached the $0.43 level for the first time since July and is nearing a key resistance point at $0.47, a close above $0.50 by year-end seems attainable. If Bitcoin continues its rally, we could realistically see ADA finish 2024 in the range of $0.55 to $0.60, assuming the market maintains this bullish sentiment and Cardano sustains its momentum. However, breaking above this level would likely require sustained institutional interest and additional bullish catalysts.”
How high might Cardano soar by year-end? Drawing on the insights of PricePredictions’ advanced AI algorithms, Cardano (ADA) could potentially achieve a price of $0.55 by December 9, 2024—the furthest date modeled in its current forecast, as per data accessed by Finbold on November 8.
Cardano price prediction for December 9. Source: PricePredictions
The machine learning algorithm’s projection suggests a notable 27% climb from Cardano’s present value of $0.44. Underpinning this forecast are robust technical indicators, including Bollinger Bands (BB), moving average convergence divergence (MACD), and average true range (ATR), all signaling a favorable upward trend.
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