Cardano (ADA) Price Increases 32% in Four Days to $0.4266
Cardano (ADA) has surged 32% over the past four days, with a 16% increase in the last 24 hours, bringing its market capitalization to $14.932 billion. This growth reestablishes Cardano as the ninth-largest cryptocurrency by market cap. Key factors contributing to this momentum include:
#1 Bulls Take Over The Entire Crypto Market
The positive sentiment in the crypto market is driven by Donald Trump’s victory in the US presidential election, which suggests an end to the "war on crypto" and aims to position the U.S. as a crypto business hub. Additionally, the Federal Reserve's decision on November 7 to reduce interest rates by 0.25% has provided further support for the crypto market, citing easing labor conditions and confidence in inflation trends. Analysts noted that the rate cut vote was unanimous.
#2 Cardano Whale Activity
On-chain analysis firm Santiment reported increased whale activity around Cardano, indicating that ADA has become a notable altcoin during the recent market rally. They observed that Cardano surpassed $0.43 for the first time since July, rising 25% in three days due to significant network and whale activity. Notably, 37,892 unique ADA addresses made transfers in one day, with 697 transactions exceeding $100,000—both the highest since September 4. This uptick signals heightened interest from major investors.
#3 Technical Breakout
ADA has recently broken out of a prolonged bearish phase, potentially marking a bullish reversal. Since August, Cardano's price has shown a series of higher lows. The recent surge allowed ADA to break above a downtrend line established since April, overcoming previous rejections. This breakout aligns with the pattern of higher lows and has surpassed the 20-, 50-, 100-, and 200-day moving averages. ADA also moved past the critical 0.236 Fibonacci retracement level, with a successful retest at $0.40 likely paving the way for further gains.
At press time, ADA traded at $0.4266.
