Cardano (ADA) Coin Jumped by Over 220% during the Month of November

Cardano (ADA) coin jumped by over 220% during the month, making it one of the best performers. Its market cap jumped to $38 billion

Cardano (ADA) price had a stellar performance in November, thanks to a broader crypto bull run. The coin jumped by over 220% during the month, making it one of the best performers. Its market cap surged to $38 billion, bringing it back to the top ten biggest cryptocurrency.

Cardano’s rally was mainly due to the momentum in the crypto industry after Donald Trump won the general election. As a result, analysts expect that there will be a spot ADA ETF, possibly in 2025.

ADA will also benefit from the light-touch regulations by the Trump administration. Rumors are that Trump will appoint Paul Atkins, a veteran regulator who has represented several crypto companies, as the next head of the U.S. Securities and Exchange Commission.

Cardano’s surge also came as Charles Hoskinson hinted that he was about to do a deal with SpaceX. He did that by sending an X post with him standing next to a SpaceX rocket. Days earlier, he said that he was about to do the biggest deal of his career.

Meanwhile, interesting events are happening within the Cardano community as its delegates in Nairobi and Buenos Aires will vote for the network’s constitution. This will be a major event that has not been done by any other layer-1 or layer-2 network in the cryptocurrency industry. It is also a good way to ensure the decentralization of the network.

Finally, Cardano’s total value locked in its ecosystem also surged to a record high of over $600 million.

Some analysts still believe that the ADA price is ripe for a brief correction in the next few days. Ali Martinez, one of the most popular crypto analysts on X, noted that the coin will crash to $0.88, a 20% drop from the current level. He cited the fact that the TD Sequential indicator is pointing to a sell on the three-day chart.

4 hours ago

Cardano price chart points to a brief pullback

The daily ADA/USD price chart shows that the coin has been highly bullish in the past few months. It formed a golden cross pattern as the 200-day and 50-day Exponential Moving Averages crossed each other on Nov. 14.

After forming the golden cross, ADA price moved above the important resistance level at $0.8078, which was its highest swing on March 14. That price was also the upper side of the cup-and-handle chart pattern.

On the four-hour price chart, we can see that ADA price has been rallying sharply in the past few days. As a result, both the Relative Strength Index and Stochastic Oscillator have moved to the overbought level.

The Moving Variance Ratio Value Chain indicator has also moved to 2.8, which shows that the market value is not all that higher than the realized price, which is a good thing.

However, the TD Sequential indicator is now pointing to a sell on the three-day chart, which could lead to a brief pullback to the $0.80 level.