Cardano (ADA) Surges as Coinbase Holdings Increase 462% and Q4 Rally Looms
Cardano (ADA) Price Movement
- Cardano is gaining momentum, moving above its 50-day moving average.
- The $0.94 resistance level is crucial for ADA to target the $1.00 mark.
- A daily close over $0.9 would indicate a potential trend shift and rally continuation.
Institutional Interest in Cardano
- Coinbase's ADA reserves increased by 462% to 9.56 million ADA.
- Coinbase Wrapped ADA on Base network grew from 1.7 million to 9.53 million.
- Coinbase's XRP reserves dropped by 98%, indicating a shift towards wrapped Cardano products.
Technical Outlook and Key Levels
- Cardano has reclaimed the 50-day moving average, supported within the $0.83–$0.85 zone.
- Losing this support could lead to a pullback to $0.75.
- $0.94 is a significant resistance level; breaking it may lead to $1.00 with possible extensions to $1.06–$1.12.
Market Conditions
- Rising RSI and market breadth suggest positive momentum.
- Macro conditions favor capital rotation into large-cap altcoins towards year-end.
- Expanding DeFi and smart-contract adoption boost Cardano's outlook.