Amid the recent market fluctuations, Cardano (ADA) has attracted significant attention from investors and analysts alike.
The cryptocurrency fell in value over the weekend, but still managed to post strong gains: it is up around 50% over the past month.
This remarkable performance has led to increased interest and speculation about ADA’s potential for a substantial bullish rally in the near future.
Of particular interest to analysts are the critical resistance levels that ADA has consistently struggled to break through throughout the year.
Cardano current trading price and momentum
At the time of writing, ADA was trading at $0.38up 3.7% in the past seven days, according to data from crypto market price aggregator Coingecko.
Even despite these challenges, ADA’s resilience and positive momentum have sparked discussions about the coin’s ability to defy market uncertainties and pave the way for notable upside moves.
The Cardano native cryptocurrency has received a lot of attention in recent times due to its remarkable price increase. On November 16, the asset’s value exceeded $0.40, which was the first such occurrence since April 2023.
Meanwhile, in the wake of recent developments in Cardano’s staking landscape, there has been a noticeable increase in the rewards being doled out to participants in the network’s staking programs.
This increase in rewards coincides with a proactive attitude from optimistic Cardano network participants, boosted by positive shifts in wagering dynamics throughout the week.
In October 2023, Cardano experienced a significant increase in staking activity, with a 90-day peak of 23.05 billion ADA coins staked on October 23. At that point, with ADA trading at around $0.27, its cumulative strike valuation rose to $6.2 billion.
Total crypto market cap is currently at $1.38 trillion. Chart: TradingView.com
At the time of writing, data from StakingRewards.com, a staking data aggregation platform, indicates that a total of 22.94 billion ADA coins have currently been staked across various staking protocols, demonstrating the continued vibrancy in Cardano’s staking ecosystem underlined.
Some analysts argue that this event could signal the start of a substantial rally, potentially pushing the asset to a new all-time high in the near future.
In light of the current volatility, analyst and cryptocurrency YouTuber LuckSide Crypto admitted that ADA’s price performance has lagged behind other major cryptocurrencies. Nevertheless, he gave investors confidence that ADA will see big returns soon.
On-Chain Data and Cardano’s Upcoming Profits
LuckSide drew attention to ADA’s continued efforts to break the 40-41 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 as much ADA may be in a pre-bull run state and predicted that the coin’s price will rise months after the BTC halving, which will take place in the spring of next year.
In particular, Gambardello predicts that the token’s market value could rise to $400 billion by 2025, while ADA could reach an all-time high of around $11.
The Cardano Foundation is steadfast in its commitment to advancing the objectives of CIP-1694 and its governance #Cardano towards a fully decentralized governance system in the chain. Discover the details of our involvement in the Cardano election. #CIP1694
(1/7) pic.twitter.com/HMKajPaXcX
— Cardano Foundation (@Cardano_CF) November 20, 2023
Data from the chain indicates this Cardano is now on an upswing and that the altcoin is expected to continue its gains. Recently, the Cardano Foundation pledged to support the goals of Cardano Improvement Proposal (CIP) 1694 by voting with a wallet containing 11.42 million ADA tokens.
As the cryptocurrency landscape continues to evolve, the continued research and optimism surrounding ADA contributes to the dynamic story of its market trajectory.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
Featured image from Freepik