Cardano (ADA), the ninth-largest digital currency by valuation, saw a notable uptick in November, showing more than a 200% increase in value over the previous 30 days.
As a result of this increase, Cardano's market capitalization tripled and, for the very first time ever since April 2022, surpassed $1.00. On November 5, the cryptocurrency started to rise, and on November 22, it hit $1, an achievement it hadn't reached in years.
Why Cardano (ADA) Is Moving Higher?
There are a number of reasons for the recent surge in Cardano's price, including increased whale activity and optimistic market sentiment.
The network's daily amount of huge Cardano trades topped $22 billion, indicating substantial institutional and whale engagement. High buildup levels are associated with such large dealings; in the last month, whales holding $1 million to more than $10 million in ADA increased their holdings by over 100 per cent.
With more than 2,600 days of continuous operation, the Cardano (ADA) distributed ledger has achieved a noteworthy milestone. This milestone distinguishes Cardano and sets a high standard for blockchain stability.
ADA Hard Fork: A Key Achievement
As evidenced by the responses to the Cardano Foundation's tweet, the ADA community has praised Cardano's most recent accomplishment. Hard fork updates for Chang 2 Recently, the Intersect Hard Fork Working Group suggested calling the upcoming Cardano hard fork the "Plomin Hard Fork" in remembrance of Matthew Plomin, a contributor to the Cardano community.
Moreover, the broader crypto market is facing a price surge as Bitcoin has reached near the $100K level. As per the market sentiment, investors might take profits from the BTC and expand the portfolio in other altcoins, like ADA.
Cardano Price Prediction Technical Analysis
In the daily chart of ADA price, the ongoing market momentum is bullish, taking the price above the multi-year high. Moreover, the most recent buying pressure came as a bullish counter-impulsive momentum, which signals a strong upward possibility.
Following the market pressure, the Cardano price aimed higher and created a gap with the dynamic 50-day EMA line. Moreover, the Moving Average Wave remains below the current price, creating a strong gap.
Based on dynamic lines, a minor downside correction is pending, where a daily candle below the 0.930 could lower the price towards the 0.690 level. However, a bullish reversal from the 50 day EMA or 0.900 to 0.520 zone is possible, creating an opportunity to move beyond the 1.500 level.
