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Cardano (ADA) Sees Impressive Growth, Capping Four-Month High amid Technical Breakout and Whale Transactions

Algoine News
Summary:
Cardano (ADA) experienced a 3.35% surge in its value on November 5, reaching its highest value in roughly four months. Its impressive weekly performance, with nearly 17% gains, was potentially driven by the two-day Cardano Summit 2023. Other contributing factors to the ADA's price increase are its significant 'whale transactions', sustainable increase in total-value-locked (TVL), and its technical breakout from the constant falling wedge pattern. However, indications of strong buying sentiment among wealthier investors and a 'holding' sentiment among others were noted.
The value of Cardano (ADA) has surged by 3.35% to $0.339 on the 5th of November, marking a peak not seen in nearly four months. The uptrend could be attributed to its stellar weekly performance, climbing close to 17%, possibly driven by the two-day Cardano Summit 2023, which took place from Nov. 2 and Nov. 4. The #CardanoSummit2023 Gala Awards Dinner was a highlight, bringing together the #CardanoCommunity to applaud the industry's achievers at the Armani Pavilion, Burj Khalifa. Additionally, market recovery trends since October 19, initiated by Grayscale Investments' Bitcoin ETF application submission to the U.S. Securities and Exchange Commission (SEC), is also a contributing factor. From this point, ADA has seen a significant rise, exceeding 40%. The ADA/USD pair is experiencing a surge due to a combination of influential factors. One such factor relates to Cardano's whale transactions. The currency's latest uplift corresponds with a marked increase in significant transactions. Specifically, transactions surpassing $1 million in value reached 1742 on Nov. 4, the largest number since January 2022. This data was compiled by the on-chain resource Santiment. This surge was noted in tandem with a decrease in ADA's daily active addresses. The boost in such substantial transactions aligns with the upswing in pricing, implying that Cardano's wealthiest patrons are buying heavily. On the other hand, the decrease in daily active addresses even as prices climb suggests a 'holding' sentiment prevailing among investors across the board. There has been a sustainable increase in Cardano's total-value-locked (TVL), another positive sign. As observed on Oct. 31, Cardano's TVL reached an all-time high of 680.76 million ADA as per data provided by DefiLlama. A high TVL indicates a robust liquidity pool, which is appealing to investors aiming for higher returns and rewards. In addition, ADA's price rise is a part of a more comprehensive technical movement. Remarkably, ADA's pricing successfully moved beyond its constant falling wedge pattern initially on October 1. Falling wedges are seen as bullish reversal patterns, where the value target of an ascending wedge equals the maximum distance between its higher and lower trend line. Therefore, ADA's pricing is projected to climb up to $0.359 in November, approximately 5.5% above current pricing levels. As always, investment and trading carry risks, so potential investors are urged to undertake thorough research before making any financial decisions.

Published At

11/5/2023 12:19:39 PM

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