Cardano (ADA) 50% Rally Sets Stage For A Merry Christmas – Details

Christian Encila

1 year ago

4 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Cardano saw a sharp increase in market value, shooting up to a high of $0.61 today, to the delight of traders and investors, in light of the cryptocurrency’s past price fluctuations.

People in the trading community are talking more about possible catalysts and causes that have contributed to Cardano’s recent market dynamics because of how unexpected its ascension is.

Although there was early jubilation following Cardano’s recent jump to $0.65, it turned out to be fleeting. ADA quickly experienced a reversal, reflecting a more extensive and unanticipated decline in the cryptocurrency market.

The quick and marked reversal from its high has sparked the current discussion over the sustainability of ADA’s growth and the future trajectory of its native token inside the blockchain sector.

ADA price action in the last 24 hours. Source: Coingecko

Cardano Adds 50% To Its Valuation

At the time of writing, ADA was trading at $0.59, up nearly 10% in the last 24 hours, and tallied a commanding 49.2% rally in the last seven days, data from Coingecko shows.

Given the sudden and significant movement in the value of ADA, analysts and market participants should examine the circumstances that led to this development and consider the possible consequences for Cardano’s long-term sustainability.

Similar tendencies to Ethereum, where liquidations on the latter exceeded $80 million during the overall market collapse, caused the pressure that stopped ADA’s growth. The abrupt change in ADA’s course is indicative of more general market circumstances.

ADA market cap at $21.2 billion on the 24-hour chart: TradingView.com

Due to the excitement surrounding the possible US approval of a spot Bitcoin ETF, Cardano’s recent gains seem to be the result of a resurgence of optimism in the cryptocurrency markets.

Positive Outlook From The Experts

Cardano’s DeFi ecosystem has grown as a result of this optimism, with Total Value Locked (TVL) recently reaching a record-breaking $420 million.

Along with the token’s price increases, ADA trading volumes have also grown, surpassing $1.1 billion in the last day.

Renowned cryptocurrency analyst Tyler Strejilevich, in the meantime, tweeted his bullish forecast, implying a spectacular rise for Cardano.

#ADA is about to get a bullish weekly cross for the first time since JUNE 2020

The last time this happened it pumped 6,000% over the next 66 weeks#cardano pic.twitter.com/xQvvbf3b1O

— Tyler Strejilevich (@TylerSCrypto) December 9, 2023

He noticed a bullish weekly cross on ADA’s chart, an occurrence not seen in more than three years, which sent the price of the stock skyrocketing by 6,000% in just 66 weeks, to an all-time high of $3.09 in 2020.

His examination led him to believe that ADA’s future may follow past trends, particularly in light of the recent emergence of a bullish weekly cross on the asset’s chart. Should past events hold true, there is a chance that Cardano will drop below $33 in the next 66 weeks.

The cryptocurrency community is buzzing after another well-known expert, Ali Martinez, published a positive Cardano (ADA) price prediction. Meanwhile, Everlodge, a recently launched DeFi initiative, revealed intentions to include state-of-the-art AI technology into its ecosystem.

#Cardano is on track! ✅$ADA price movement is echoing its 2018-2020 trajectory, minus the COVID-19 downturn. If this pattern holds, we could see #ADA punching through the $0.45 resistance soon.

What’s next? A potential rally to $0.75 by late December! https://t.co/aJ05l0sx3P pic.twitter.com/GJOPU6TfM7

— Ali (@ali_charts) December 7, 2023

The recent surge in ADA’s value not only reflects the current positive market sentiment but also hints at the potential for a buoyant and celebratory atmosphere leading up to Christmas.

As investors and enthusiasts closely monitor the unfolding developments, the festive season could bring added joy to the Cardano community, marking the end of the year on a high note for this prominent blockchain platform.

Featured image from Freepik

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.