Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Cardano Sees Strong Price Momentum as Analysts Set Bullish Targets

Cardano Sees Strong Price Momentum as Analysts Set Bullish Targets

CryptodnesCryptodnes2024/11/20 16:00
By:Cryptodnes

The cryptocurrency’s daily trading volume has reached a seven-month high, topping $52 billion, while whale transactions have also spiked, reaching levels not seen in six months. In addition to this, the open interest (OI) in ADA futures has increased significantly, with OI hitting $735 million. This growing momentum has prompted analysts to reassess Cardano’s potential price targets, with some projecting even higher gains.

Analysts are particularly focused on the $1 mark, which corresponds to a key Fibonacci retracement level. If ADA manages to close above this psychological threshold, it could signal further price increases.

Beyond $1, the next targets range from retesting its previous all-time high of $3.12 to possibly reaching $6.00, driven by expanded adoption of the Cardano blockchain. In the most optimistic scenario, some analysts believe ADA could rise as high as $12 to $15, should the current bullish trend continue.

READ MORE:
Cardano Gains Momentum with Whale Activity – What’s Next for ADA?

Cardano’s momentum is further supported by technical charts that show the cryptocurrency moving within an ascending price channel, a pattern that has persisted for several years. This suggests consistent investor interest and accumulation, especially as ADA tests support levels within the channel. One analyst predicts a conservative price of $3.50 in the near term, with the potential for ADA to surge to $10 if the market continues its positive trajectory.

On-chain metrics continue to back up this optimistic outlook. A surge in futures OI indicates increasing market activity and growing investor confidence, with a significant rise from $585 million to $735 million within just a few days. Meanwhile, large investors, or “whales,” have been increasing their positions, with whale transactions up 145% over the past month. This is accompanied by a surge in decentralized finance (DeFi) activity on the Cardano network, with the Total Value Locked (TVL) approaching its all-time high of $490.7 million. All these factors combined point toward a continued bullish outlook for ADA in the near future.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!