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The Cardano price is up 5% in the last 24 hours to trade at $0.3215, supported by a 45% surge in trading volume.
The token is trending alongside Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and of course, Bitcoin (BTC), which remains, inches shy of the $35,000 psychological level.
💰 Daily #Crypto Standouts: Discover the Trending Coins 📈
🔔 Follow @CoinGapeMedia.#SOL #DOGE #SHIB #BTC #BNB #ADA #XRP #USDT #XMR #ETH #AVAX #LINK #USDC #Cryptocurency pic.twitter.com/8LUrejWpn8
— Crypto News (CoinGape) (@CoinGapeMedia) November 3, 2023
The bullishness can be attributed to the broader market rally. Even so, Cardano as a network takes most of the credit for it. For starters, it featured at the very helm of the top ten projects by developer activity for the month of October, perhaps explaining the 25% surge in that month.
Top 10 #crypto projects by developer activity for October:
1. Cardano #ADA
2. Polkadot #DOT
3. Hedera #HBAR
4. Aptos #APT
5. Chainlink #LINK
6. Cosmos #ATOM
7. IOTA #IOTA
8. Avalanche #AVAX
9. MultiversX #EGLD
1o. Radix #XRD pic.twitter.com/hADMPR82kj— ⚡Bitcoin General (@CryptoGnrl) October 30, 2023
Even as Bitcoin price shows multiple sell signals on the daily timeframe, investors continue to accumulate ADA. Its price action shows promise after breaking out from the grasp of a descending trendline.
My 2 biggest bags are #DOGE & #ADA
Really wanted that third to be #CHAINLINK
I’m not sure if it’ll drop low enough again at $6
This is what I think about when I can’t sleep at night 😭
— SlumDOGE Millionaire (@ProTheDoge) November 3, 2023
Evidence of this interest is best indicated in the growing number of open long and short positions for Cardano price, otherwise termed open interest. Based on Coinglass data, open interest for ADA is up 19.39%, in November alone, moving from $126.31 million to $ 150.81 million in three days.
Notably, increased open interest points to fresh capital inflow into the assets market, and therefore passes as a bullish fundamental.
Cardano Price Prognosis With Rising Open Interest For ADA
Cardano price outlook shows a resolve by the bulls to send ADA further north. However, the Relative Strength Index (RSI) momentum indicators show they could be getting exhausted as the altcoin is overbought. Nevertheless, the altcoin is still not ripe for selling given the gap between the current position of the RSI and the 70 level.
With the RSI at 77 and the histogram bars of the Awesome Oscillator (AO) flashing green in the positive territory, the upside thesis remains plausible. If sidelined investors come in, Cardano price could continue its overall northbound movement to tag the $0.3440 resistance level.
In a highly bullish case, the gains could extend for Cardano price to test the $0.3790 resistance level, or extend higher to the $0.3790 psychological level. Such a move would constitute a 25% climb above current levels.
However, considering the RSI traveling south, momentum seems to be falling. The position of this momentum indicator also shows ADA is overbought. Increased seller momentum could see Cardano price drop below the $0.3000 psychological level.
A prolonged downtrend could send Cardano price back into the fold of the descending trendline below $0.2740. As long as ADA remains bound under the bearish technical formation, investors will continue making losses, potentially sending the altcoin to the $0.2419 support floor.
It is also worth mentioning that the trajectory of the RSI shows it could call a sell signal soon once it crosses below the signal line (yellow band). Investors heeding this call would spell doom for Cardano price.
Cardano On-chain Metrics Support Bullish Outlook
On-chain metrics from IntoTheBlock, the Global In/Out of the Money (GIOM), show that Solana price has more robust support downward compared to the resistance it endures from the north. The immediate supply barrier for ADA extends from $0.3204 to $0.3298, where approximately 103,510 addresses bought 601.14 million ADA tokens at an average price of $0.3298.
On the other hand, immediate support extends from $0.2920 to $0.3076 where 173,040 addresses bought approximately 4.34 billion ADA tokens at an average price of $0.2993.
Any efforts to send Cardano price south would be countered by strong buying pressure from three support blocks. These are indicated by the three big green circles above, extending from $0.000006 to $0.3076.
Meanwhile, many investors are turning their attention to BTCMTX, a new stake-to-mine project giving investors easy entry into the BTC community.
Discover the thriving world of #BitcoinMining, with industry growth projected to hit $12 billion by 2027! 🚀
At #BitcoinMinetrix, we're making mining accessible and secure for everyone through innovative cloud mining and staking methods. pic.twitter.com/memJbYnqle
— Bitcoinminetrix (@bitcoinminetrix) October 29, 2023
Experts say the project has remarkable growth potential, with some expecting the price to explode off the charts once the token goes live on exchanges.
Promising Alternative To Cardano
BTCMTX is the powering token for the Bitcoin Minetrix ecosystem. This is a cloud-mining project that allows even ordinary folk to engage in Bitcoin mining without owning or maintaining the equipment. Lowering the entry barriers, the project eliminates hassles relating to space, noise, heat, and hardware.
Understanding #CloudMining for $BTC ⛏️💻
Cloud mining allows individuals to engage in #Bitcoin mining without owning or maintaining the equipment.
Discover the benefits:
💰 No upfront hardware expenses.
🔧 Minimal expertise is required.
🌟 Potential for passive rewards. pic.twitter.com/XktSxqwWoW— Bitcoinminetrix (@bitcoinminetrix) October 29, 2023
The process has been decentralized and tokenized. This eliminates third parties from the process, thereby ensuring the chances of swindles are completely absent.
At #BitcoinMinetrix, we're democratising mining, ensuring safety, and easy access to the lucrative world of #BTC. 🛡️💰
With cloud mining and staking, we put the control over the mining journey into the user’s hands. 🌐🔒 pic.twitter.com/p5bDqkysOg
— Bitcoinminetrix (@bitcoinminetrix) October 28, 2023
Bitcoin Minetrix has entered the fifth stage of the presale, where every token is going for $0.0114, with upwards of $3.196 million already in the bag out of the target of $3.904 million. You can buy BTCMTX using Ethereum, Tether (USDT), or a bank card.
#BitcoinMinetrix Stage 5 is Live! 🔥 pic.twitter.com/OIZcFFIUeX
— Bitcoinminetrix (@bitcoinminetrix) November 2, 2023
Visit Bitcoin Minetrix to buy BTCMTX here
Also Read:
- Experts Predict This New Stake-to-Mine Crypto Could 10x at Launch – The Future of Cloud Mining?
- New Stake-to-Mine Crypto Presale With Potential For High Returns
- Traders Flock To New Crypto Presale With Launch of Stake-to-Mine Protocol – $BTCMTX
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