Cardano Price Up Another 14%: What Is Going On With ADA?

Cardano's ADA/USD 56% surge over the past week has been fueled by bullish sentiment, community-driven developments, and speculation about high-profile partnerships.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Cardano ADA/USD	$0.835	$28.9 billion	+13.8%	+55.9%
Bitcoin BTC/USD	$94,450	$1.85 trillion	+2.9%	+7.6%
XRP XRP/USD	$1.13	$64.3 billion	+2.9%	+67.7%

Trader Notes: Crypto trader Scofield highlighted ADA’s impressive momentum, describing the altcoin as “on fire.”

$ADA On fire pic.twitter.com/HH7i4nGdUB

— Scofield (@Crypto_Scofield) November 20, 2024

Crypto chart analyst Ali Martinez noted ADA's 140% rise since October, setting a $6 price target.

I don't understand the hate towards #Cardano $ADA. You don't have to marry the coin, just trade it! Up 140% since this post, see you at $6. https://t.co/J29N1jWXxt

— Ali (@ali_charts) November 20, 2024

CryptosRus echoed the $6 prediction, suggesting ADA could reach this target by late 2025 if it mirrors its last cycle.

The analysis hinted that the projection might be conservative, especially with rumors of a collaboration between Cardano and D.O.G.E following its speculated SpaceX partnership.

Statistics: IntoTheBlock data shows a 13.4% decline in large transactions and a 17% drop in daily active addresses.

High-value transactions ($100,000+) fell from 1,304 to 1,114 in a single day.

66% of ADA holders remain in profit, with 6% at breakeven.

Coinglass data indicates ADA long liquidations hit their lowest at $899,230 since Nov. 9.

Crypto chart analyst Ali Martinez cited IntoTheBlock data to show Cardano whales have been actively accumulating the coin over the past month. Holders of more than $10 million ADA increased positions by 145.7%.

Community News: In a recent Surprise Ask Me Anything session, Cardano founder Charles Hoskinson hinted at a possible integration with Ripple's ecosystem, emphasizing mutual benefits like enhanced DeFi components and liquidity layers.

Hoskinson’s visit to SpaceX headquarters has further fueled speculation about a potential collaboration. While details remain confidential due to an non-disclosure agreement, Hoskinson promised future updates.

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