Cardano (ADA) Price Prediction For November 2024
In addition to its impressive gains of over 43% over the past week, Cardano (ADA) is set to continue rising in the coming days as it forms a strong bullish price action pattern on the daily time frame. Along with this bullish price action, trader and investor participation has increased.
Whale activity: Large transaction volume surges 42%
According to on-chain analytics firm Enter the neighborhoodADA’s large volume jumped 30%, indicating active participation from whales and institutions following the bullish price action and hinting at strong buying opportunities.
In addition to the increase in trading volume, daily active addresses surged by 42%, indicating increased activity and engagement from traders and investors as prices look set for an impressive rally.
ADA’s open interest continues to rise
In addition to whale activity, traders are also actively involved in altcoins. According to the latest data from on-chain analytics company Coinglass, ADA open interest (OI) surged 5.76% in the past 24 hours and 3.15% in the past hour. The growing open interest indicates high trader participation over the past four hours, fueling the upward rebound.
Both pieces of data from the on-chain analytics firm hint at perfect buying opportunities and a potential rally.
Cardano (ADA) Technical Analysis and Upcoming Levels
According to expert technical analysis, ADA has broken through the strong resistance at $0.77 and recently formed a bullish hammer above this level. Based on recent price movements, if ADA price If it breaks above the previous high of the daily candle, it has a good chance of surging 20% to the $1 level in the coming days.
However, the altcoin experienced a five-day period of consolidation before it saw a breakout, which traders and investors took as a bullish sign of upward momentum. Historically, whenever an altcoin breaks out of a consolidation zone, it surges higher. This time around, traders and investors are expecting similar upward momentum in the coming days.
Current Price Momentum
At press time, ADA was trading close to $0.83, with the price surging by more than 3.84% in the past 24 hours. During the same period, its trading volume fell by 30%, indicating that trader participation was lower than the previous day.
