The cryptocurrency price
Cardano
(ADA) today 08/11/2024 is showing a significant rise, with the asset remaining stable above the $0.43 zone. In a surprising move that caught the attention of the cryptocurrency market, ADA is registering an impressive increase of 17% in its price in the last 24 hours.
The cryptocurrency market is seeing several price surges today after the US Federal Reserve (Fed) cut interest rates by 25 basis points. At the time of publication, Cardano’s price is trading at $0.4335, up 17% in the last 24 hours. In its weekly development, the asset has seen a 25.9% increase in its price over the last seven days.
Source: TradingView
Cryptocurrency analytics platform Santiment noted in an analysis shared today that the price of Cardano has risen by more than 25% in the past three days, and with that, “we may see some retail FOMO soon” in the market.
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“Cardano has been one of the notable surprise altcoins that has taken off during this crypto-wide pump. Now up over +25% in the last 3 days, we may see some retail FOMO soon. This has been a long time coming for the patient ADA community.”
After a period of challenges and overcoming, the cryptocurrency Cardano (ADA) re-emerges in the crypto rankings in 2024, recently retaking its place among the ten largest projects by market capitalization. With a history of ups and downs, Cardano had already reached a peak of US$91 billion in capitalization, ranking behind only Bitcoin and Ethereum. However, new projects, such as Toncoin, had displaced Cardano to lower positions in the ranking.
What’s next for ADA?
Market analyst known as Skyrexio on TradingView has shared a technical analysis on the upcoming price movements of Cardano.
By sharing a weekly ADAUSDT chart the expert highlighted: “Let’s note that Cardano has the specific bear market structure, where the corrective wave C was completed in October 2023. The growth of the bottom was impulsive, so it could not be wave B, in our opinion it is wave 1 of the new bull market. Since March 2024, most crypto assets continued the bear market, but the drop in ADA was not that big. This means that wave 2 has already formed.”
According to the analyst’s prediction, Cardano could break out to the upside to reach price zones between $1.2 and $1.77, although these zones are unlikely to spell the end of ADA’s bull run. The prediction highlights a new all-time high for Cardano in 2025.
“Notice the green dot on the Bullish/Bearish Reversal Bars Indicator [Skyrexio]. This is a strong bullish signal that this correction is likely to be completed, coupled with Elliott wave analysis, we can see that impulsive wave 3 is about to happen soon! Targets can be calculated using Fibonacci Extension. 1.61 and 2.61 correspond to the area between $1.2 and $1.77. Note that this zone is unlikely to be the end of the bull run. This is just wave 3 in this rally. Finally, we expect the new ATH for ADA in 2025.”
Currently, the highest price paid for Cardano (ADA) was $3.09, recorded on September 2, 2021 (approximately 3 years ago). Comparatively, the current price is 85.92% lower than the cryptocurrency’s all-time high.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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Cardano
Cryptos
