The price of Cardano resumes its rise
Even less than 24 hours ago, Cardano (ADA) was fighting against the resistance at $0.37 but victory is now assured. ADA price soared to $0.42 overnight after a 16% surge and it’s not likely to stop there.
The rise surprises everyone while experts said it was over, and yet it does not come out of nowhere. Indeed, this was favored by the explosion of transactions on its network, in particular those carried out en masse by crypto whales.
According to Santiment, the price of Cardano has gained more than 25% in the last three days and therefore retail investors may be tempted to follow the crypto whales. So you guessed it, a wave of FOMO could soon sweep through its course. And if the altcoin season does indeed declare itself, buyers will quickly count their profits.
To go further: Altcoin season: what is the famous altcoin season?
In the process, Cardano’s market capitalization has exploded, propelling the project to ninth place in the top cryptocurrencies. Now at 15 billion dollars, the latter narrowly surpasses that of TRX, stuck at 14 billion.
Towards an explosive end of the year
As is the case every time an altcoin explodes without warning, crypto experts are forced to rethink their plan. The forecast for the ADA is currently optimistic but the token will need to close the week above Fibonacci resistance at $0.41 to confirm a bull run towards the dollar.
If this were the case, crypto traders can consider a consolidation at $0.42, after which the path will be clear towards 0.70 and then $1… but not before 2025.
But the worst of the November explosion would still have to wait. According to analyst Ali Martinez, the Cardano price follows a similar pattern to that of 2020. Assuming a repeat, an increase could occur around November 18 followed by a bull run until September 2025. Some Cardano predictions for 2025 even see ADA price at $3 in the first quarter!
The moral of the story: Cardano (ADA) which reaches the top of the mountain continues to climb.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult a professional before making any financial decisions.
