Amid recent market fluctuations, Cardano (ADA) has attracted significant attention from investors and analysts alike.
The cryptocurrency saw a drop in value over the weekend, but still managed to post strong gains – it’s up around 50% in the last month. This notable performance has fueled increased interest and speculation around ADA’s potential for a substantial bullish rally in the foreseeable future. Of particular interest to analysts are the critical resistance levels that ADA has consistently struggled to overcome throughout the year.
Cardano Price and Current Trading Momentum
At the time, ADA was trading at $0.38, up 3.7% over the past seven days, data from crypto market price aggregator Coingecko shows.
Even in the face of these challenges, ADA’s resilience and positive momentum have sparked debates about the coin’s ability to defy market uncertainties and pave the way for notable upward moves.
The native cryptocurrency Cardano has attracted significant attention in recent times as a result of its notable price rise. On November 16, the asset’s value surpassed $0.40, marking the first time since April 2023.
Meanwhile, in the wake of recent developments in the Cardano staking landscape, there has been a notable increase in rewards distributed to participants in the network’s staking programs.
This increase in rewards coincides with a proactive stance taken by bullish Cardano network participants, driven by positive changes in staking dynamics throughout the week.
In October 2023, Cardano saw a substantial increase in staking activities, reaching a 90-day peak of 23.05 billion ADA coins staked on October 23. At that time, with ADA trading at approximately $0.27, the cumulative valuation of the bets skyrocketed to $6.2 billion.
Data from StakeRewards.com, a staking data aggregation platform, indicates that there are currently a total of 22.94 billion ADA coins staked across various staking protocols, underscoring the continued vitality in the staking ecosystem. Cardano.
Some analysts posit that this event may signify the start of a substantial rally, perhaps propelling the asset to a new all-time high in the foreseeable future.
In light of the current volatility, analyst and cryptocurrency YouTuber LuckSide Crypto admitted that ADA’s price performance has lagged behind that of other major cryptocurrencies. However, it gave confidence to investors that ADA will soon make big profits.
On-Chain Data and Upcoming Cardano Profits
LuckSide drew attention to ADA’s continued efforts to break through the 40 to 41 cent area, which has proven to be a difficult barrier it has faced all year due to downward pressure.
Another analyst, Crypto Capital Venture founder Dan Gambardello, suggested that ADA could be in a pre-bull run state right now and predicted that the coin’s price will skyrocket months after the BTC halving, which is scheduled for spring. of the next year.
Notably, Gambardello predicted that in 2025, the token’s market value could rise to $400 billion, while ADA could reach an all-time high of around $11.
On November 20, Cardano Foundation posted on X the following:
“The Cardano Foundation is unwavering in its commitment to furthering the goals of CIP-1694 and steering #Cardano towards a fully decentralized on-chain governance system.”
On-chain data indicates that Cardano is now booming and the altcoin is expected to continue gaining. Recently, the Cardano Foundation pledged to support the goals of Cardano Improvement Proposal (CIP) 1694 by casting a vote with its wallet with 11.42 million ADA tokens.
As the cryptocurrency landscape continues to evolve, the continued scrutiny and optimism surrounding ADA contributes to the dynamic narrative of its market trajectory.
By Audy Castaneda
