Originally published on: November 08, 2024
Cardano (ADA) has experienced a remarkable rebound in the past four days, with its price soaring by more than 33.7% to hit an intraday high of $0.436 on November 8th. This surge comes as the overall market shows strength following the recent United States 2024 Presidential Election results.
Over the last 24 hours, ADA’s price has surged by 17%, outpacing the rest of the market, and posting a 28% increase over the past seven days.
The recent bullish momentum in the crypto market has not been limited to Cardano alone. Leading cryptocurrencies like Bitcoin and Ethereum have also seen significant gains. Bitcoin (BTC) hit a new all-time high of $76,943 on November 7th, while Ethereum (ETH) jumped more than 3% in the past 24 hours, surpassing $2,900.
Other major cryptocurrencies, including BNB, Solana, XRP, and Dogecoin, have also seen substantial gains in recent days.
This surge in prices is attributed to several factors, including the positive market sentiment following Donald Trump’s victory in the US presidential race. Trump’s pledge to create a crypto-friendly business environment has fueled optimism among investors.
Moreover, the Federal Reserve’s decision to reduce interest rates by 0.25% on November 7th has further supported the crypto market. Lower interest rates generally boost market liquidity and asset valuations, creating a favorable environment for high-risk investments like cryptocurrencies.
ADA’s recent price surge is also driven by an increase in open interest-weighted funding rates, indicating a growing appetite for long positions among investors.
Technical analysis shows that ADA has broken above its descending trendline resistance, setting its sights on the next target of $0.52, a 19% increase from its current price.
While this article does not offer investment advice, it highlights the factors driving Cardano’s recent price surge and the overall bullish sentiment in the crypto market. Investors are advised to conduct their own research before making any investment decisions.
