Cryptocurrency News – Cardano (ADA), one of the popular altcoins in the cryptocurrency market, has captured investors’ attention once again as it resumes its upward trend after a long period. With the charts turning green again, there is curiosity about where the next uptrend could take the price. Currently, the first major target appears to be $0.75. So, can ADA reach this target by the end of December?
Cardano (ADA) price has capitalized on the optimistic sentiment in the crypto market, managing to rise to $0.40 for the first time in the last 7 months. This performance has paved the way for optimism about its future potential.
Cardano’s native token, influenced by increasing optimism among investors in the broader market, has experienced a surge. ADA, recording a remarkable increase of over 55% on the monthly chart, briefly touched the $0.40 level this week. This level holds critical significance as it was last reached in April. With ADA reaching this level after a long time, it may continue its upward movement in the coming weeks.
The current positive momentum may allow ADA’s price to surpass a significant resistance point in the near future. New data also indicates that the ongoing consolidation phase resembles an interesting period in the recent past.
Is Cardano (ADA) ready for further growth
According to a recent tweet from leading crypto analyst Ali Martinez, the current consolidation pattern in Cardano eerily resembles the period from 2018 to 2020, excluding the COVID-19 market crash. Historical data often serves as a mirror for future price movements. In such a scenario, there is a high probability that ADA’s price might break the resistance point at $0.45 in the first week of December.
However, the most noteworthy aspect is that popular analyst Ali Martinez predicts that if the upward momentum continues, ADA’s price has the potential to reach $0.75 by the end of December.
According to IntoTheBlock data, approximately 38% of ADA holders were in a profitable position on November 11th. This data dropped to around 34% two days later. This indicates that the recent increase in the value of the popular altcoin may have contributed to another increase in this percentage.
Investors realized profits as they benefitted from the uptrend. However, Martinez believes that the Cardano price will gain more value in the coming months. According to his previous forecast, ADA has the potential to reach around $10 by next summer.
Moreover, a recent analysis by Santiment reveals that whale holdings are highly active, reaching the highest levels in six months on the Cardano network.
Technical indicators
Cardano’s on-chain data also supports the bullish scenario. Into The Block data shows that the total number of addresses with a balance in Cardano is close to an all-time high of around 4.46 million. Thus, a small increase in the number of active addresses can be noted.
While the transaction count on the network remained well above 50,000 throughout the last month, the transaction volume also largely stayed above 7 billion dollars.
Additionally, the TVL (Total Value Locked) of the protocol reached $259.1 million. This is a significant data point as it is an unprecedented level since April 2022. From a year-to-date perspective, there has been almost a 400% increase.
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