Originally published on: November 02, 2024
Cardano (ADA) has seen a remarkable surge in its price, climbing by over 8.50% in the last 24 hours to reach $0.363 on Nov. 2. This spike outpaced the overall crypto market, which experienced a modest 1% increase during the same period.
The rally in ADA price closely coincided with the conclusion of the fourth annual Cardano Summit 2024 in Dubai. Additionally, it aligned with the latest US jobs data revealing a low unemployment rate in October.
The positive momentum behind ADA’s surge can be attributed to the exciting developments and announcements made at the 2024 Cardano Summit. EMURGO, a blockchain company dedicated to advancing Web3 adoption on the Cardano network, collaborated with BitcoinOS (BOS) to integrate Bitcoin’s $1.3 trillion liquidity into Cardano’s DeFi ecosystem.
Moreover, the 2024 Cardano Summit featured prominent speakers and partnerships with notable entities like Binance and Animoca Brands. These collaborations and announcements garnered significant attention and interest, driving ADA’s price surge.
In addition to the impact of the Cardano Summit, ADA’s rally was influenced by the overall positive sentiment in the risk market following the latest US jobs report. The report indicated sluggish hiring in October, leading to speculations about a potential interest rate cut.
Lower interest rates typically enhance market liquidity and elevate asset valuations, creating a favorable environment for higher-risk investments like cryptocurrencies. As a major altcoin, ADA benefited from this surge in market liquidity, reflecting the rally observed across equities and other risk-on assets.
From a technical perspective, ADA’s recent gains mark a rebound after testing its multi-month ascending trendline support. With the current momentum, ADA is poised for further upside towards the 50-week EMA at approximately $0.424 in November. Breaking above this level could propel ADA towards the 200-week EMA at around $0.477 by the end of the year.
The convergence of the 200-week EMA and ADA’s multi-year descending trendline resistance presents a significant target for ADA’s price movement in the coming months. However, investors are advised to conduct their own research and exercise caution before making any investment decisions.
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