Cardano (ADA) Gains Momentum as ADA Targets $1.20

Cardano (ADA) is on a bullish trajectory, rising over 10% in the past 24 hours to trade at $1.15, a multi-year high.

Cardano (ADA) price is rallying over 10% on the daily chart, continuing its bullish momentum and targeting the $1.20 level. ADA price has surged over 250% in November, making it one of the best-performing cryptocurrencies this month.

Several key factors are driving ADA's price rally, including the launch of zero-knowledge (ZK) smart contracts on the Cardano mainnet, an expanding decentralized finance (DeFi) ecosystem, and broader bullishness in the crypto market.

Cardano's ADA price targets $1.20 after a 10% gain—Here's why

Cardano's ADA price is rallying over 10% on the daily chart, continuing its bullish momentum and targeting the $1.20 level. ADA price has surged over 250% in November, making it one of the best-performing cryptocurrencies this month.

Several key factors are driving ADA's price rally, including the launch of zero-knowledge (ZK) smart contracts on the Cardano mainnet, an expanding decentralized finance (DeFi) ecosystem, and broader bullishness in the crypto market.

Key Drivers Behind ADA's Rally

1. Launch of ZK Smart Contracts

Cardano achieved a significant milestone with the successful deployment of ZK smart contracts on its mainnet. Using Halo 2 zk-SNARK technology, this development promises enhanced scalability and security for the blockchain.

The feature allows complex transactions to be simplified into smaller, verifiable components, marking a breakthrough for Cardano's DeFi ecosystem.

2. Rising Total Value Locked (TVL)

Cardano's total value locked (TVL) has surged over 200% in November, reaching a record high of $598 million, data from DeFiLlama shows.

Leading protocols like Indigo (TVL +154%) and Minswap (TVL +113%) are driving increased user activity and demand for ADA tokens.

3. Network Activity and Bullish Momentum

The ADA/BTC ratio hit a nine-month high on Nov. 23, rising 148% from its 2022 low. This reflects Cardano's relative strength against Bitcoin, supported by heightened user engagement and robust market sentiment.

Technical Indicators Favor Continued Gains

Ascending Parallel Channel

ADA is trading within an ascending parallel channel on the daily chart, maintaining higher highs and higher lows. The pattern's support at $0.96 and resistance at $1.20 suggest further upside potential.

Bullish Cross

On Nov. 24, a bullish crossover of the 100-day Simple Moving Average (SMA) above the 200-day SMA provided strong upward momentum, pushing ADA toward its current levels. This signal remains intact, reinforcing ADA's bullish outlook.

Future Price Targets

If the bulls maintain ADA's position within the channel, the following price targets are in sight:

Immediate Target: $1.078 (middle boundary of the channel).

Next Target: $1.20 (upper boundary of the channel).

Cardano's Uptrend Remains Strong

Cardano's ADA price is rallying toward the $1.20 level with strong technological and network fundamentals. The launch of ZK smart contracts, expanding DeFi ecosystem, and favorable technical setup appear to be setting Cardano up for further gains in the coming days.