Cardano (ADA) Eyes Explosive 2000% Bull Run, Targeting $12 And Quadrupling ATH
21 March 2024 - 3:00PM
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Cardano (ADA), currently positioned as the 9th largest
cryptocurrency by market capitalization, has encountered a downward
trend following the prevailing bearish sentiment in the crypto
market. Bitcoin (BTC), the market leader, has led the way in price
corrections for top cryptocurrencies. Despite ADA’s recent
retracement of nearly 20% in the past week after reaching a
22-month high of $0.810 on March 14, there are indications that a
potential trend reversal is on the horizon. This shift in momentum
could potentially drive ADA towards reclaiming the $1 mark, which
it hasn’t reached since April 2022. Bullish Momentum Building For
ADA Crypto analyst “Trend Rider,” who shares his insights on the
social media platform X (formerly Twitter), has highlighted ADA’s
market shift from bearish to bullish trends. Looking at the
two-week chart, key moving averages are realigning, signaling a
transition to a bullish framework as indicators move from red to
green. According to the analyst, this pattern is similar to a
previous occurrence observed just before ADA embarked on a
significant bull run. Related Reading: Shiba Inu May Rise
250% Pre-Bitcoin Halving, Predicts SHIB Team If history repeats
itself and mirrors the April 2021 bull run, where ADA rose from
$0.133 to its current all-time high (ATH) of $3.168 in less than a
year, posting gains of over 2000%, a similar uptrend could easily
take ADA past the $1 mark. If another 2000% price surge
materializes, it could push Cardano’s native token to reach the
$12.6 level, marking a significant quadrupling of its all-time high
milestone. While the market correction continues, Trend Rider has
identified crucial support lines that must be held back to maintain
the bullish structure. According to the analyst, the trend support
for ADA is anticipated to range between $0.45 and $0.52. Key
Cardano Metrics Soar Cardano has shown significant progress in key
metrics, as indicated by data from Token Terminal. The figures
reflect a significant increase in market capitalization, trading
volume, and fees, highlighting the adoption of the Cardano
blockchain ecosystem. According to Token Terminal data,
Cardano’s fully diluted market capitalization is approximately
$29.80 billion, representing strong growth over the past 30 days.
This figure indicates the total value of all ADA tokens, including
those not yet in circulation. Furthermore, the circulating
market capitalization, which factors in only the tokens currently
available for trading, has also experienced a notable increase,
reaching around $23.35 billion. Moreover, Cardano has
witnessed a significant surge in trading volume over the past 30
days. The trading volume has soared to approximately $27.96
billion, reflecting an increase of 117.5%. This surge indicates
heightened market activity and a growing demand for ADA tokens.
Related Reading: Santiment Reveals Best Altcoins Currently In
“Opportunity Zone” Another noteworthy aspect revealed by Token
Terminal data is the substantial growth in fees generated within
the Cardano network. Over the past 30 days, fees have amounted to
approximately $506.07k, demonstrating a significant increase of
36.5%. When annualized, the fees generated by the Cardano
blockchain reach an estimated $6.16 million, reflecting a notable
growth rate of 5.2%. This signifies the expanding usage of the
Cardano network for various transactions and applications. ADA is
trading at $0.603, down 2.6% in the last 24 hours. Featured
image from Shutterstock, chart from TradingView.com
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