Cardano Could Rally 25%, Here’s Why
The post Cardano Could Rally 25%, Here’s Why appeared on BitcoinEthereumNews.com.
Cardano gained 35% on November 10, and the altcoin held steady close to the $0.65 level. The Ethereum competitor token, ADA, is rallying alongside Bitcoin, Ethereum, Dogecoin, and other leading cryptocurrencies, post BTC all-time high on Wednesday. Cardano’s on-chain indicators signal price growth Cardano (ADA) rallied alongside Bitcoin (BTC) as the largest cryptocurrency hit a new all-time high on November 12. BTC hit a record high at $93,265, while ADA climbed to a six-month high at $0.6599. Open interest in ADA climbed 15.51% in the last 24 hours as the altcoin attempts a break past the March 2024 peak of $0.8104. This metric represents the open contracts held by Cardano’s derivatives traders, a sign of demand and relevance for ADA in futures markets. The top three on-chain indicators, active addresses, whale transaction count, and network, realized profit/loss support a thesis of gains in Cardano price. The count of active addresses climbed 42% in November, according to Santiment data. In the same timeframe, the count of whale transactions valued at $100,000 and higher hit a peak of 2,737 on November 10, and large wallet investors remained relatively active throughout November. Traders’ profit-taking has reduced from a peak of $93 million on November 10 to nearly $21 million on Friday, November 15. Typically, a reduction in profit-taking activities reduces the selling pressure on the token, paving the way for gains. Cardano price, active addresses, whale transaction count and NPL | Source: Santiment Cardano’s correlation with Bitcoin is 0.93, per IntoTheBlock data. Cardano’s gains are, therefore, influenced by the state of Bitcoin and the largest cryptocurrency’s price trend. A correction in Bitcoin could negatively impact Cardano. Cardano eyes return to March peak at $0.8104 per technical indicators Cardano has traded in a range-bound manner for nearly six months, as seen on the daily…
Filed under: News - @ November 15, 2024 5:22 pm