Cardano (ADA) has experienced a notable price surge over the past 24 hours following a market rebound in the wake of the U.S. elections. As buyers show renewed interest, the proof-of-stake blockchain platform continues to see upward momentum. This price increase aligns with recent election news, reportedly linked to market optimism after Donald Trump’s electoral victory. ADA is now on a positive trend, with analysts suggesting further gains could be on the horizon as the altcoin attracts more attention amidst the broader crypto market rally.
Cardano Price Jumps Amid Election-Fueled Crypto Surge
Cardano price surged, joining a robust rally across the crypto market as Bitcoin reached $75,000, fueled by the U.S. election results. Top altcoins and meme coins showed substantial gains, with Ethereum hovering above $2,600. Solana, XRP, and other significant assets followed, sparking optimism among investors.
The election victory of Donald Trump over Kamala Harris brought crypto-supportive candidates to Congress, reflecting a strong pro-crypto sentiment. This shift likely stems from increased donations and support from crypto enthusiasts, giving a powerful boost to the sector.
Will ADA Price Hit $1 In 2024?
Over the past 24 hours, the value of ADA has experienced a significant rise, reaching $0.3587 with an 8% increase. This growth follows a period of stable trading, showing a marked increase from the day’s low of $0.3314.
Bulls are positioning to breach the $0.38 resistance level for Cardano price prediction, which could ignite further upward momentum in the cryptocurrency’s price. If ADA surpasses this barrier, it may test a more significant resistance level at $0.75. Should buying pressure intensify, ADA’s price could even approach the $1 mark in an anticipated bullish rally.
The daily technical indicators for ADA price reveal a substantial upward trend, attracting market attention. The Chaikin Money Flow (CMF) indicator, which measures buying and selling pressure, registers a positive value of 0.1. This suggests that capital inflows support the price increase, strengthening the bullish outlook for ADA.
Cardano Price Chart: TradingView
According to Coinglass data, Cardano’s ADA derivatives market has seen a substantial increase in trading activity. The volume of ADA derivatives surged significantly, showing a notable rise in interest from market participants.
Open interest has also increased, indicating a growing level of commitment among traders. This volume and open interest increase suggests a heightened demand for ADA derivatives.
Source- Coinglass
Cardano’s recent price surge highlights growing interest among crypto investors. The election-driven optimism and increased ADA derivatives activity suggest sustained upward momentum. If bullish trends continue, Cardano could challenge key resistance levels, further boosting investor confidence in ADA.
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