The Cardano price has risen by 2% in the past hour and by 2% in the past day, with the coin’s move to $0.379427 coming as the wider market gains by 1.4%.
ADA has also risen by 17.5% in the last seven days and by 54% in the last 30, with the altcoin standing on a 54% gain since the beginning of the year.
And with the coin now at its highest level since May, it appears to have the momentum the carry into further gains in the coming days and weeks.
Cardano Price Prediction as ADA Volume Reaches Highest Level in 6 Months – Are Whales Accumulating?
Looking at Cardano’s chart, it’s all-too easy to conclude that it (and the wider market) may be at the beginning of a bullish phase.
Its indicators create this impression, with its relative strength index (purple) rising just beyond 80 this morning.
Source: TradingView
This indicates a substantial amount of buying pressure, as does the upwards trajectory of ADA’s 30-day average (yellow).
The latter is very close to climbing above the coin’s 200-day average (blue), with the formation of a ‘golden cross’ likely to indicate an incoming breakout rally on ADA’s part.
Yet as ADA’s support level (green) already appears to show, the coin seems to be have begun a breakout, having risen form under $0.25 as recently as the middle of October to nearly $0.38 today.
And what’s most encouraging at the moment is the coin’s 24-hour trading volume, which has risen from just under $80 million in the middle of October to close to $750 million today.
This would suggest a big surge in interest from traders in general and whales in particular, who seem to have begun accumulating the coin over the past week or so.
While excitement surrounding Bitcoin ETFs has largely been responsible for previous gains, today’s rally seems to have stemmed largely from the news that BlackRock has registered a spot-based Ethereum ETF.
hey @BlackRock have you heard of Cardano? pamp it $ADA
— CJ Lovelace (@thecjlovelace) November 10, 2023
This is potentially huge for altcoins such as ADA, since such an ETF, if accepted, would open the floodgates for similar ETFs for other tokens such as Cardano.
And when this is added to its network’s general growth this year (e.g. witness its rising total value locked in), the Cardano price could easily race beyond $0.50 before the year is out.
Alternative Alts With High Upside Potential
While ADA continues to look very promising as an investment, it certainly isn’t the only altcoin in the market that looks set to rise soon.
There are also a number of newer coins emerging at the moment, with some of these including very promising presale tokens, which could rally strongly when they list in the near future.
A prime example of such a coin is Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised over $3.7 million since its sale opened around a month ago.
Recognising a significant accomplishment for #BitcoinMinetrix!
Exceeding the $3,600,000 milestone! pic.twitter.com/jC0RxzqnTu
— Bitcoinminetrix (@bitcoinminetrix) November 7, 2023
Set for launch in the next couple of months, Bitcoin Minetrix will offer its users the ability to mine actual Bitcoin (BTC) by staking the platform’s native token, BTCMTX.
Yes, not only does staking Bitcoin Minetrix earn newly issued BTCMTX, but it also provides users with tokenized mining credits.
Users can redeem these credits for Bitcoin hashpower, which will earn them freshly mined BTC.
This innovative framework promises to democratize Bitcoin mining, while it has also made the BTCMTX presale very attractive to investors.
Those who haven’t entered the presale yet can do so by going to the official Bitcoin Minetrix website.
Delving into $BTC mining alongside #BitcoinMinetrix! #Cloudmining opens the door to the world of #Crypto:
Simple start for novices.
Economical without hardware costs.
No concerns about space, noise, or overheating.
Hassle-free upgrades. pic.twitter.com/N3zwTDRYjq
— Bitcoinminetrix (@bitcoinminetrix) November 7, 2023
1 BTCMTX currently costs $0.01150, yet this is due to climb to $0.01160 in just under two days.
The sale will have ten stages in total, with BTCMTX ending at a price of $0.01190, and with the token listing on various exchanges.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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