Cardano (ADA) hits $1 for the first time since February 2022, but it may face formidable barriers after a spectacular November.
It’s a glowing report for Cardano (ADA) this November as the like-bodied tour the cryptocurrency horn with a whopping 211% upturn in the 30-day period, as per survey by CoinGecko. This rise took ADA back to the $1 mark for the first time in April 2022 and touched $1.15 before facing rejection.
This rally, which started on the 5th of November, brought Cardano to some of the highest levels it hasn’t experienced in years. However, there was some shows that were seen on Saturday trading session as ADA was not in a position to maintain the rising trend, and that led to some pull back.
Cardano’s Recent Price Surge and Whale Activity Explained
Pundits attribute Cardano’s stellar run as being due to whales and new BTC-influenced crypto market bullish trend. For instance, a renowned Crypto analyst, by the username Ali Martinez, tweeted on 22nd of November, pointing that Cardano’s network experienced high volume in large-value transactions.
Trade amounts went over $22 billion daily as the whales holding between $1 million and $10 million in ADA boosted their stakes by the two-months average. Even in the past 24 hours, the volumes of gigantic transaction increased by 17.67% and have made $45.41 billion or 41.83 billion ADA showing the tendencies of accumulation.
Cardano’s price surge followed a general alchemy market bull trend prompted by Bitcoin getting closer to the hundred thousand dollar mark. Carrying this momentum forward into altcoins, ADA’s upswing was fuelled even further. ADA traders earned $165 million, which, according to Santiment, translated to the highest ADA realized profits in eight months on November 22 with March 19 2024 being the most profitable day.
Unfortunately, Cardano has been on a downward trend and current stands at $0.978 which is -11.26% drop in the rate within the past twenty-four hours. This, can be attributed to the fact that some traders were involved in profit taking after the keenly observed rise. However, with Altana when compared on the weekly chart ADA is still 36% higher indicating its strength.
The $1 level now has become a fundamental level for Cardano to breach. If bulls can hold this level above $1, then analysts expect to see a shift to $1.25. On the other hand, if price again falls below $0.80, more downtrend may be expected with $0.63 as their next level of support.
Attributes such as whale pumping and the positive sentiments that people hold about the Cardano token were clearly evident in November when the token’s price surged amidst these wobbles in the short term, Cardano may struggle to sustain a price above $1.
