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Cardano price rose another 6% in the last 24 hours, hitting the price of $0.408 around 5 a.m. ET when institutional interest increased.
The price has corrected since reaching that level, which is also the highest point ADA has seen since May.
Cardano price has seen quite a bit of volatility over the past seven days, initially struggling to break the $0.38 resistance between November 9 and 11. However, the price has seen more minor fluctuations before and after this date.
On November 11, it finally rose above the $0.38 mark, and the coin even managed to reach the price of $0.3937 during the same day. After that, however, its price was rejected again at $0.38, which began to act as support.
Unfortunately for ADA holders, support was broken on November 13 and ADA price began to decline again, eventually reaching its lowest point in the last seven days on November 14, when it fell to $0.3457.
Suddenly undervalued, Cardano price began to experience a strong recovery that took it to $0.3822, a level it had reached earlier today.
Once there, the price experienced another, much steeper increase, rising to $0.408. However, as is often the case with such rapid price jumps, ADA began to see a correction shortly after, pushing it back towards the old support of $0.38, only to grow again.
This brought it to its current price of $0.3915. Meanwhile, the coin’s daily volume also increased by 65%, currently standing at $685.5 million.
Cardano Price: Investors Anticipate Another Significant Rise
Cardano’s new price surge is believed to be the result of huge hype and anticipation of a massive surge that is expected to take the coin to $0.75.
However, analysts claim that ADA will first have to defeat a critical resistance at $0.45 for it to rise to $0.75 sometime in December.
However, even this prediction is quite optimistic, considering that some have predicted that Cardano will see a 650% increase by July 2024, which is what cryptoanalyst Ali Martínez wrote in a post on X.
#cardanoThe current consolidation trend eerily reflects the 2018-2020 phase without the COVID-19 crisis!
Then, $ADA could surpass the $0.45 resistance around the first week of December. The rebound could send #ADA to $0.75 at the end of December.
Do you want to exchange this configuration? Head… pic.twitter.com/u3KzOsZj2F
—Ali (@ali_charts) November 16, 2023
Others have also pointed out that Cardano is on the verge of a rally and that the recent rallies in SOL and AVAX are signs that an ADA breakout is coming.
bitcoin Minetrix Pre-Sale Explodes as Token Price Surge Nears
While ADA has garnered attention among established cryptocurrencies, bitcoin Minetrix (BTCMTX) has captured the attention of new token buyers.
The project’s pre-sale has raised over $4.04 million at the time of writing in anticipation of another increase in the price of its token, BTCMTX.
At the time of writing, the value of the token stands at $0.0116, but this will change in less than 24 hours, causing many to rush to buy before it becomes more expensive. However, bitcoin Minetrix also attracted users because of what it offers to do.
Specifically, the project aims to offer all its users the opportunity to start mining bitcoin without having to buy expensive equipment.
Basically, it offers a cloud mining platform for btc, where users can stake its native token, BTCMTX, and receive credits that allow them to mine the world’s first and most prominent cryptocurrency.
Furthermore, to guarantee its users that it is legitimate, the project and its platform are completely decentralized and transparent, eliminating the risk and even suspicions of a possible scam.
You can buy BTCMTX here.
Related
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
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