Cardano Price Prediction: Is ADA Heading to $1 After 25% Gains?

Key Takeaways:

• Cardano (ADA) has rallied over 25% in the past week, outperforming Bitcoin and Ethereum.
• Cardano's Large Holder Netflow shows a favorable trend as investors shift toward accumulation.
• Positive market sentiment surrounds the ADA coin, indicated by 26 technical indicators favoring growth.

Cardano (ADA) has become a top performer among major cryptocurrencies this week, outpacing Bitcoin (BTC) and Ethereum (ETH). Gains have exceeded 25% over the past seven days, as predicted by Hedge With Crypto last week.

ADA continues to dominate the crypto market today, rising 15.63% in the last 24 hours. With a market capitalization of $15.06 billion, ADA is currently changing hands for $0.4301. Its trading volume has also increased by 57.81% in the past 24 hours, reaching $853.63 million. This signifies a growing interest in the crypto asset.

Why Is ADA Going Up Today?

This significant increase in the price of Cardano (ADA) occurred as the global financial markets, including the cryptocurrency sector, received a boost following the election of pro-crypto Republican Donald Trump as president of the United States.

Bitcoin reached an all-time high of $76,943.12 on November 07, 2024, before dipping by just 1.12% to about $76,943.12 at the time of this report. As expected, this uptick in Bitcoin's price has prompted a rise in the overall digital assets market. The total market capitalization of cryptocurrencies has also surpassed $2.5 trillion.

Related: Bitfinex Analysts Predict Trump Win Could Spark ‘Perfect Storm’ for Bitcoin’s New ATH

Meanwhile, Cardano has seen the highest gains among other large-cap altcoins within the top 20 over the past 24 hours and week, and the recent actions of large ADA holders, known as “whales,” seem to reinforce this trend.

Data from IntoTheBlock shows that these whale investors have shifted towards holding their positions instead of selling off their assets, indicating strong long-term confidence in ADA's price trajectory.

The insights reveal a significant shift in Cardano's Large Holder Netflow. This metric tracks the movement of ADA among significant holders, controlling at least 1% of the total supply.

Furthermore, the “Ethereum Killer” has seen significant interest from large investors, as indicated by a 31% increase in transactions over $100,000. Daily active addresses also rose by over 21% in the past 24 hours, reflecting high network activity. This trend could create upward pressure on Cardano (ADA) prices.

Price Predictions: Can Cardano Hit $1 Soon?

As of November 08, 2024, the Cardano (ADA) market sentiment is positive. This is backed by 26 technical indicators pointing to a positive trend, while only 6 indicate a negative outlook.

The Fear & Greed Index currently stands at 69, reflecting a Greed condition that often implies that investors are hopeful about future price changes. Therefore, investors considering ADA as a short-term investment might see this period as favorable due to the optimistic sentiment and the possibility of price growth.

We expect ADA prices to range between $0.38792 and $0.490052 throughout November. Thus, if ADA achieves the anticipated price of $1, it would represent over a 100% rise from the present level.

Related: Dogecoin Hits $0.21 for the First Time Since April: Why’s DOGE Going Up?

Despite the ADA coin currently 86.26% below its all-time high of $3.10, recorded on September 2, 2021, analysts believe the price can reach $1 from its current value of $0.43 by early 2025. They also suggest surpassing the previous all-time high might be achievable in the current market cycle.