Cardano (ADA) has experienced a significant surge in its price, skyrocketing by 211% over the past month.
This increase has allowed ADA to surpass the $1.00 mark for the first time since April of 2022, marking a notable recovery in its value.
Cardano (ADA), currently the ninth largest cryptocurrency by market capitalization, has experienced a significant increase of 211% in November, according to CoinGecko data.
The price of ADA has risen steadily since November 5, finally surpassing the $1.00 mark on November 22 for the first time since April 2022.
At its peak, the price reached $1.15 during Saturday’s trading session, but faced some resistance.
Several factors have contributed to this price surge, including heightened activity from large investors (whales) and a generally positive market sentiment.
On November 22, crypto analyst Ali Martinez noted that the volume of major Cardano transactions exceeded $22 billion daily.
Indicating strong accumulation by whales who have increased their holdings significantly over the past month.
The overall cryptocurrency market is experiencing a bullish trend, with Bitcoin nearing the $100,000 mark, which has positively influenced altcoins like Cardano.
However, at the time of reporting, ADA’s price had dipped by 11.26% to $0.978 due to profit-taking among traders.
Despite this recent decline, ADA’s price remains 36% higher on a weekly basis.
If it can maintain above $0.80, this level may act as a support, potentially leading to a return above $1.
Conversely, if the price falls below $0.80, it could drop further to around $0.63.
ADA is currently trading at $1.02.
For more Daily Crypto News and updates like this, join the newsletter or opt-in for push notifications.
Follow us on CoinMarketCap.
Also Read: Cardano Has Now Achieved The “A” Status
About The Author
Leave your thoughts below
For The Latest Crypto News: https://franknez.com/daily-crypto-news/