Cardano price is up 7.9% in the last 24 hours and is trading at $0.5742 after hitting daily resistance around $0.6054. The crypto asset established a daily low of $0.5231 after the BTC price dipped due to profit-taking. Technical and fundamental analysis suggests that the price of ADA is about to surge 200% in November, which could catapult it to $2.5.
ADA Gathers Momentum: Why Cardano Price Could Triple
Cardano has had one of the most fruitful rallies besides Dogecoin (DOGE) and Sui (SUI) in the top 20 largest cryptocurrencies. What makes it more interesting is that it was completely out of the blue and surprised many ADA critics. Here are some reasons why ADA price spiked and why it will likely soar 3X in November:
Hoskinson’s inside the U.S. government.
Cardano (ADA) is re-listed on Robinhood.
Altseason is about to kick off.
Hoskinson’s Inside the U.S. Government
Cardano founder Charles Hoskinson announced he’d collaborate with the U.S. government to guide crypto policies. This is no small feat; on a broader scale, it represents Cardano infiltrating the United States government. A few weeks ago, a NASA Systems Engineer gave a speech at the Dubai Cardano Summit that got a few eyes rolling with speculation about why a NASA employee would attend a Cardano blockchain event.
This development has fueled speculation that a spot Cardano ETF will be easily and quickly approved in the new pro-crypto government, with Hoskinson technically inside the government. Such a development will likely cause Cardano price to skyrocket 3X and beyond.
Cardano (ADA) listed on Robinhood
On November 13, Robinhood announced they would re-list three crypto assets, including Cardano (ADA). This news further contributed to fueling the already bullish sentiment surrounding ADA.
The re-listing of ADA points to a larger trend that signals that the bull run is entering the most-awaited phase: euphoria.
Co-founder of Blockworks Jason Yanowitz did a great job explaining where the market currently is in the bull cycle.
1/ There are 4 phases of a bull market.
Buckle up, we just entered the most fun phase.
Welcome to Stage 3
— Yano (@JasonYanowitz) November 10, 2024
According to Yanowitz, the market is in a short transition stage from stage 2 (Excitement) to stage 3 (Euphoria). In this stage, altcoins like Cardano are expected to skyrocket and hit new all-time highs. This could start as soon as November.
Altseason Is About to Kick Off
Historically, the alt-season began around 235 days after the Bitcoin halving. The signal that market the start of the alt season is Bitcoin’s dominance falling off a cliff. Currently, the market is at 208 days after halving, which means we have about a month before the alt-season begins.
During alt-season, crypto assets like Cardano soar to unprecedented heights. 3X will only be the starting point.
Can ADA Price Break Through?
Cardano price forms a double bottom on the 1-month timeframe chart and is near the neckline. A break above the neckline could result in a 200% surge in price toward $2.5, and potentially a previous all-time high around $3.09.
Cardano Price Analysis Chart
The new volume coming in from Robinhood will likely boost ADA price quickly above the neckline, resulting in a cascading effect of retail pushing the crypto asset value higher.
The post Here’s Why Cardano Price Could Soar 3X In November appeared first on CoinGape.