Cardano Price Prediction as $100 Million Trading Volume Pushes ADA Up 3% – Is the New Bull Market Starting?
Cardano (ADA), the eighth largest cryptocurrency in the world by market capitalization that powers the layer-1 Cardano protocol, was last trading with gains of close to 3% in the last 24 hours in the $0.26s amid more than $100 million in trading volumes, as per CoinGecko.
After testing key long-term resistance in the $24 are last week, ADA is on course to post a fifth successive session in the green on Monday.
The cryptocurrency has been rallying in tandem with the broader market in recent days, with Bitcoin pumping amid optimism about upcoming spot Bitcoin ETF approvals.
Price predictions could be about to take a turn for the better if ADA is able to muster a sustained break to the north of its 100DMA and early October highs at $0.27.
A break above the $0.27 level could open the door for a more sustained upside move for ADA towards its downtrend from the yearly highs and its 200DMA.
These levels of resistance will likely come into play in the $0.30 area and a break above here would open the door to a fast run higher back towards the July highs at $0.38.
With Bitcoin poised to pump to new yearly highs, traders might be asking whether now is also Cardano (ADA)’s time to shine.
Could a new bull market be starting?
Whilst ADA’s near-term uptrend could continue as the broader market rallies on spot Bitcoin ETF optimism, its worth noting a few major headwinds faced by Cardano that could prevent a break above the aforementioned downtrend from the yearly highs.
First is continued uncertainty regarding ADA’s regulatory status in the US.
The US Securities and Exchange Commission (SEC) has claimed that ADA is a security in various lawsuits against crypto firms operating in the US like Coinbase and Binance.
US-based crypto exchanges have
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