Bitcoin pump triggered the co-relation in altcoins as most coins are now slightly catching upward momentum.
The ninth biggest cryptocurrency, Cardano (ADA) surged around 12% in the last 24 hours, lifting its price from $0.8 to $0.90. This is the highest in the span of the year as its market cap also grew to $31.22 billion.
Cardano is steadily increasing, approaching the $1 mark, after an impressive 40% surge this week. This has reignited excitement among the coin lovers, who have been waiting for a rally in the coin with the latest bull run.
Currently, the price has found strong support at $0.8 with the resistance level at $0.9. If it breaks through this, it could quickly surge to $1 with a significant breakout.
Reason Behind the Rally in Cardano (ADA)
Also, there are high chance that buyers will continue to drive the price higher after witnessing weekly gain. ADA’s all-time high of $3.10 offers ample room for market participants to speculate on its future potential. The rally was mainly supported by $3.17 million in short liquidations, compared to $1.37 million in long liquidations.
On November 22, 2024, ADA’s strong price movement was fueled by a rise in the open interest-weighted funding rate. The 8-hour OI-weighted funding rate increased to 0.0417% on the same day. This suggests that there is a strong demand for long positions as the coin’s price surged by about 12% in the last 24 hours.
Also Read: Ripple XRP Rallies After Gensler Departure News: Could We See $2 This Month?
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