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Will ADA Reverse After Bitcoin’s Bullish Breakout Above $71K?

Andras Crow-Hreidar by Andras Crow-Hreidar
October 29, 2024
in Crypto, News
Reading Time: 2 mins read
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Will ADA Reverse After Bitcoin’s Bullish Breakout Above $71K?
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As Bitcoin continues its historic bull run, breaking new price records, the attention of investors and enthusiasts is increasingly turning towards altcoins. Among them, Cardano (ADA) emerges as a formidable contender, poised to make significant gains. With a fully diluted market valuation of approximately $15.5 billion and a daily trading volume surpassing $373 million, ADA has experienced a notable surge of over 2% in the last 24 hours. As of Tuesday, October 29, Cardano was trading around 34 cents during the early New York session.

Cardano Price Reversal Ahead?

blockdag 70m

After enduring a macro correction for the past seven months, Cardano’s price against the US dollar is hinting at a potential turnaround. This Layer 1 (L1) altcoin has gained bullish momentum over the last four months, forming a weekly reversal pattern characterized by a double bottom and a bullish divergence in the weekly Relative Strength Index (RSI).

Insights from Analysts

Crypto analyst Ali Martinez believes that Cardano is mirroring a pattern similar to the 2020 bull market. According to him, if history repeats itself, ADA might experience a rally around November 18, roughly two weeks after the US elections, with the potential to reach a market top by September 2025. This optimistic outlook is based on a fractal pattern observed during previous bull runs, suggesting that ADA could achieve a new all-time high as the market enters a parabolic phase in the coming months.

Furthermore, the ADA/BTC pair is currently retesting multi-year lows, having been in a downward trend since the fourth quarter of 2021. This scenario could represent a pivotal moment for Cardano as it attempts to regain its footing against Bitcoin.

  • Also Read:
  • Ethereum (ETH) Or Solana (SOL), Which Will Record More Profits This AltSeason?

Is the Growth Now Stagnant?

Despite some promising developments, such as the recent integration with the BOS bridge to access Bitcoin, the Cardano network has witnessed stagnant growth in its total value locked (TVL) over the past year. This contrasts with other emerging L1 networks like Solana (SOL) and Toncoin (TON), which have demonstrated more substantial progress.

Challenges and Opportunities

Cardano’s Network Value to Transactions (NVT) ratio has climbed to its highest level since June, signaling a decrease in on-chain activity relative to price growth. This classic overvaluation signal is significant given ADA’s recent underperformance, indicating potential for further downside. Market data analytics firm IntoTheBlock cautions that ADA’s price may face a pullback due to low on-chain activity. For Cardano to achieve success, it must reignite the on-chain momentum that has been lacking in recent months.

Don’t miss out on the next big crypto opportunity. Keep an eye on Cardano with Coinpedia.

Tags: Cardano ADAPrice Analysis
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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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