Bitcoin Cash (BCH) and Cardano (ADA) Capture the Market's Attention with Extraordinary Performances

Bitcoin Cash gains 35% in a month. Cardano records a 180% increase in price.

Bitcoin Cash (BCH) and Cardano (ADA) have grabbed the market's attention with their stellar price performances amid the broader crypto market rally. Both cryptocurrencies have showcased promising technical and on-chain signals, sparking optimism among traders.

Bitcoin Cash Surges 35% in a Month, Aiming for New Highs

Bitcoin Cash (BCH) has notably surged over 35% in the last 30 days, fueled by a 12% gain on November 21. This rally has brought BCH to the crucial resistance level of $568.20, setting the stage for a potential breakout.

A daily close above this level could trigger a further extension of the uptrend, targeting the next key resistances at $719.50 and $805.80.

Crucial technical indicators, like the RSI and MACD, also support this bullish scenario, showing positive signals for a continuation of the rally.

Active addresses, a key metric in assessing adoption and demand, have been on a constant rise since August 2024, indicating sustained trader interest in BCH.

Moreover, traders' optimism is evident in the high confidence levels, as reported by Santiment's analysis.

According to Coinglass data, the open interest on BCH futures has surged by 33%, while the trading volume of derivatives has also witnessed a massive 613% increase, reaching 2.35 billion dollars.

These signals, together with the positive funding rate on Binance since November 10, suggest a derivatives market that is bullish.

Bitcoin Cash price movements have also been influenced by the broader market conditions, with a close correlation to the S&P 500 index observed over the last 90 days.

However, BCH has outperformed the index, recording a 100% return compared to the S&P's 10% gain. This relative strength could bode well for BCH in the upcoming sessions.

Cardano Logs a 180% Increase in Price, Bullish Structure Intact

Cardano (ADA) has impressed the market with a 180% surge in the last 30 days, making it one of the best performers among the top 50 cryptocurrencies.

On November 23, ADA reached a high of $1.12, marking the highest level in the last two years, before undergoing a slight correction.

Despite the pullback, many analysts remain optimistic about the future of Cardano.

One user, identified as Mihir, has pointed out a double bottom on the one-hour chart, which could lead ADA to cross $1.20 in the short term.

Other analysts, like Jake Gagain, have predicted a rally towards new all-time highs of $5 during the next bull cycle.

This ADA rally has been supported by a significant increase in daily active addresses, which reached the highest level since June 2023 on November 25.

This surge in addresses indicates a renewed interest in Cardano's blockchain, which could be driven by the growing adoption of smart contracts and decentralized applications.

Cardano's evolution as a global financial and electoral operating system, as stated by the founder Charles Hoskinson, further contributes to its growth potential.

The prospect of favorable regulations in the United States, expected for 2025, could serve as a major catalyst for the next bull market.

Bitcoin Cash and Cardano are at different stages of their development and adoption, but they share promising prospects.

For BCH, surpassing the key resistance of $568.20 could open up new highs, with traders keeping a close watch on on-chain indicators and profit metrics.

The growing activity in the derivatives market suggests strong institutional demand, a crucial factor in supporting further gains.

For Cardano, the focus is on the adoption of its blockchain and the technological innovations that position it as one of the most advanced platforms in the sector.

With the increase in active addresses and the interest of analysts, ADA seems poised for a new phase of growth, despite the short-term bull and bear fluctuations.