Originally published on: November 02, 2024
In an exciting turn of events, Cardano (ADA) has experienced a remarkable surge of over 8.50% in the past 24 hours, reaching $0.363 on Nov. 2. This impressive performance outpaced the broader crypto market, which only saw a modest increase of around 1% during the same period.
The recent spike in ADA’s price coincided with the conclusion of the fourth annual Cardano Summit in Dubai. Additionally, it was bolstered by the latest United States jobs data, which revealed a low unemployment rate in October.
The positive sentiment surrounding several key developments and announcements made at the 2024 Cardano Summit likely contributed to ADA’s rally. For instance, EMURGO, a blockchain firm driving Web3 adoption on the Cardano network, teamed up with BitcoinOS (BOS) to bring Bitcoin’s substantial liquidity to Cardano’s DeFi ecosystem.
Moreover, the Cardano Summit featured prominent speakers and partnerships with industry leaders such as Binance and Animoca Brands, generating speculative interest among traders and investors.
The surge in ADA’s price aligns with the broader risk market’s gains, as the likelihood of an interest rate cut following the latest US jobs report has increased. With hiring in October growing at its slowest pace since 2020, market liquidity is expected to receive a boost, creating a favorable environment for higher-risk assets like ADA.
Technical analysis indicates that ADA is poised for further gains, potentially reaching the 50-week EMA at around $0.424 in November. Breaking above this level could set the stage for a target of the 200-week EMA at approximately $0.477 by the end of the year.
It’s essential to note that this article does not provide investment advice. Readers are encouraged to conduct their own research and analysis before making any investment decisions.
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