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The Cardano price jumped by another 6% in the past 24 hours, hitting the price of $0.408 around 5 a.m. ET as institutional interest spiked.
The price has corrected since reaching that level, which is also the highest point ADA has seen since May.
Cardano’s price has seen quite a bit of volatility during the past seven days, initially struggling to breach resistance at $0.38 between November 9 and 11. However, the price has seen more minor fluctuations before and after this date.
November 11 finally saw it climb above the $0.38 mark, and the coin even managed to reach the price of $0.3937 during the same day. After that, however, its price was rejected back to $0.38, which started acting as a support.
Unfortunately for ADA holders, the support was broken on November 13, and ADA price started spiraling down again, eventually reaching its lowest point in the past seven days on November 14, when it dropped to $0.3457.
Suddenly undervalued, Cardano’s price started seeing a sharp recovery that brought it up to $0.3822 — a level it had reached earlier today.
Once there, the price saw another much sharper spike that totaled $0.408. However, as is often the case with such quick price jumps, ADA started seeing a correction soon after that, pushing it back down to the old support at $0.38, only to grow again.
This brought it to its current price of $0.3915. Meanwhile, the coin’s daily volume is also up by 65%, currently at $685.5 million.
Cardano Price: Investors Anticipate Another Significant Surge
Cardano’s new price surge is believed to result from great hype and anticipation of a massive surge expected to take the coin to $0.75.
However, analysts claim that ADA will first have to defeat a critical resistance at $0.45 for it to climb to $0.75 at some point in December.
However, even this prediction is pretty optimistic, considering that some have predicted that Cardano will see a 650% surge by July 2024, which is what crypto analyst Ali Martinez wrote in a post on X.
#Cardano's current consolidation trend eerily mirrors the 2018-2020 phase without the COVID-19 crash!
If so, $ADA could break through the $0.45 resistance around the first week of December. The upswing could send #ADA to $0.75 by late December.
Looking to trade this setup? Head… pic.twitter.com/u3KzOsZj2F
— Ali (@ali_charts) November 16, 2023
Others have also pointed out that Cardano is on the edge of a surge and that recent SOL and AVAX rallies are signals that an ADA breakout is coming.
Bitcoin Minetrix presale blows up as token price increase approaches
While ADA has taken the spotlight among established cryptocurrencies, Bitcoin Minetrix (BTCMTX) has captivated the attention of new token buyers.
The project’s presale has raised over $4.04 million as of the time of writing in anticipation of another increase in the price of its token, BTCMTX.
At the time of writing, the token’s value sits at $0.0116, but this will change in under 24 hours, which causes many to rush and buy before it becomes more expensive. However, Bitcoin Minetrix also attracted users due to what it offers to do.
Specifically, the project aims to offer all its users the opportunity to start mining Bitcoin without buying expensive equipment.
Essentially, it offers a cloud mining platform for BTC, where users can stake its native token, BTCMTX, and receive credits that allow them to mine the world’s first and most prominent cryptocurrency.
Also, to ensure its users that it is legitimate, the project and its platform are fully decentralized and transparent, eliminating the risk and even suspicions of a potential scam.
You can buy BTCMTX here.
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