The post Is Cardano (ADA) Ready for a 100% Rally? Watch for This Critical Breakout appeared on BitcoinEthereumNews.com.

Cardano (ADA) is showing bullish momentum, with a price increase of over 4% in the past 24 hours.  The In/Out of Money Around Price model shows ADA’s current price faces significant resistance. Cardano (ADA) investors are optimistic as the token gains bullish momentum. Recent analysis has highlighted a bullish pattern on ADA’s daily chart, potentially setting the stage for a significant price rally. Currently trading at $0.3706 with a market capitalization exceeding $13.3 billion, ADA remains the 11th largest cryptocurrency by market cap. Cardano Strives to Reclaim Top 10 Cryptocurrency Position Within the past 24 hours, ADA has recorded a price rise of more than 5%, even as other cryptocurrencies struggled with price declines. This is in harmony with the bullish falling wedge pattern on ADA’s chart from February this year. This pattern suggests that ADA is on the verge of breaking through a major resistance level, and if it does, the price will rise massively.  Cardano’s drop from the top 10 cryptocurrencies was attributed to Tron’s price surge and heightened demand for its token. To re-enter the top 10, Cardano must surpass Tron, which currently holds a market cap of $13.84 billion compared to ADA’s $12.90 billion. Market capitalization depends on the price and the number of coins in circulation. The In/Out of Money Around Price (IOMAP) model shows that Cardano is in a very delicate situation. The IOMAP shows that the addresses that bought ADA at prices between $0. 33 and $0. 35 are less than the 155,800 addresses that bought 2. 24 billion tokens at $0. 38. These tokens, which are currently worthless because they are out of money, are estimated to be worth about $850 million.  NVT Ratio Suggests Potential Overvaluation of Cardano However, despite the current price surge, the on-chain data indicates that the ADA…

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Filed under: News - @ August 24, 2024 1:26 pm