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ADA Price Breakout: Analyst Predicts New All-Time High As Cardano Surges by 30%
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ADA Price Breakout: Analyst Predicts New All-Time High As Cardano Surges by 30%

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Cardano

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Cardano (ADA), the ninth-largest cryptocurrency in the market, has experienced a significant price breakout, reaching $0.710 on Thursday for the first time since May 2022. 

This marks a pivotal moment for ADA as it emerges from a prolonged consolidation phase encompassing the latter part of 2023 and the initial month of 2024. With the price surge, ADA now sets its sights on the $1 mark, which it last achieved in April 2022.

ADA Primed For New All-Time Highs? 

The recent price breakout has sparked predictions of an imminent continuation of ADA’s uptrend, with notable potential to reach new all-time highs (ATH). Crypto analyst Trend Rider has conducted an in-depth analysis of ADA and issued an alert, signaling the possibility of a new all-time high.

According to Trend Rider, there has been a significant increase in the Trend Strength Indicator, which resembles the beginning of the legendary rally that took ADA to $3.6. In addition, with Bitcoin (BTC) nearing its peak, the analyst believes the stage is set for ADA to close the gap and rally to $3.6.

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Furthermore, Trend Rider highlights the bullish nature of ADA’s Moving Average Ribbon and Money Flow Oscillator, which have turned positive after 200 weeks. These macro factors underscore the positive sentiment surrounding ADA’s potential for growth. 

Cardano
ADA’s bullish oscillator and MA’s signal continuation of the uptrend. Source: Trend Rider on X

Additionally, the analyst emphasizes that ADA demonstrates bull run signals previously observed when the token traded at $0.10, just before it skyrocketed to $3. Trend Rider suggests that the shift in trend indicators from bearish or neutral to bullish further reinforces the positive outlook for ADA’s price trajectory. 

Cardano Market Cap And Trading Volume Soars

Coupled with ADA’s bullish indicators, Cardano has seen notable growth in various key metrics, according to data by Token Terminal. 

Over the last 30 days, ADA has shown significant progress in market capitalization, trading volume, and fee generation. At the same time, fees incurred by ADA holders have decreased, providing further insight into the token’s recent performance.

Cardano’s fully diluted market capitalization has surged to $28.09 billion, marking a 27.4% increase over the past month. This metric accounts for the potential total value of all ADA tokens if they were in circulation. 

Similarly, the circulating market capitalization, which reflects the value of ADA tokens currently available, has experienced a significant boost, reaching $21.94 billion, representing a 27.7% rise.

Cardano
Cardano’s market cap and fees have grown over the past 30 days. Source: Token Terminal

Cardano has demonstrated its popularity in terms of trading activity, as the token’s 30-day trading volume stands at $14.69 billion. Although this figure reflects a minor decline of 4.0% compared to the previous month, it still showcases ADA’s robust liquidity and investor interest.

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As for fees incurred within the Cardano ecosystem, the 30-day fee generation amounted to $396,78K, indicating a decrease of 9.7%. This fee decline suggests improved cost-efficiency for ADA holders during the given period. 

Cardano
ADA’s price is trending upward on the daily chart. Source: ADAUSD on TradingView.com

Currently, ADA is trading at $0.682, experiencing a slight correction in the past few hours. However, when examining longer time frames, the token has demonstrated significant gains of 14%, 13%, and 30% over the past seven, fourteen, and thirty days, respectively. 

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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