Cardano’s ADA price is increasing, seeing a more than 70% surge since the first week of November. Crypto analyst Dawson Allen breaks down this rally on his YouTube channel, marking it as a game changer for ADA’s charts and a windfall for its investors. This breakout week solidifies Cardano’s position as a top contender in the crypto space.
The analyst posed key questions regarding the sustainability of this rally, wondering if the momentum could continue and when Cardano might reach the eagerly anticipated $1 mark. He speculated that breaking through the $1 barrier could open the doors for further price increases, potentially reaching $1.50 or even $2.
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However, he stressed the importance of overcoming resistance levels and addressing the mental barriers that retail investors face when reentering the market. He suggested that if ADA doesn’t hit $1 by December, it is still likely to reach that milestone in January or February 2025, indicating a long-term positive outlook.
Utilizing various analytical tools, he examined ADA against the Dollars, ADA dominance, and ADA/Bitcoin charts to forecast price trends and identify possible barriers. By comparing current patterns to those from 2018-2020, the analyst noted striking similarities in market structure and cycle behavior.
Is Cardano Making A Comeback
The analyst argued that ADA had been undervalued during the prolonged bear market, but is now gaining recognition for its true value. He contextualized this within the broader bull market, which benefits from the momentum generated by leading cryptocurrencies like Bitcoin and Ethereum, as well as strategic partnerships and announcements that are driving ADA’s performance.
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He predicted that if historical patterns hold, November could see prices break through previous highs, with ADA potentially reaching 85-90 cents and possibly hitting the $1 mark by early December.
The analyst also discussed ADA’s dominance in the crypto market, projecting an increase from 0.5% during bear markets to approximately 3.5%, mirroring trends observed in earlier cycles.
In terms of ADA’s pairing with Bitcoin, with its recovery and upward trend, analysing how resistance levels, dominance metrics, and the dynamics of undervaluation are contributing to ADA’s current momentum.
