Cardano Could Rally 25%, Here’s Why
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Cardano gained 35% on November 10, and the altcoin held steady close to the $0.65 level. The Ethereum competitor token, ADA, is rallying alongside Bitcoin, Ethereum, Dogecoin, and other leading cryptocurrencies, post BTC all-time high on Wednesday.
Cardano’s on-chain indicators signal price growthCardano (ADA) rallied alongside Bitcoin (BTC) as the largest cryptocurrency hit a new all-time high on November 12. BTC hit a record high at $93,265, while ADA climbed to a six-month high at $0.6599.
Open interest in ADA climbed 15.51% in the last 24 hours as the altcoin attempts a break past the March 2024 peak of $0.8104. This metric represents the open contracts held by Cardano’s derivatives traders, a sign of demand and relevance for ADA in futures markets.
The top three on-chain indicators, active addresses, whale transaction count, and network, realized profit/loss support a thesis of gains in Cardano price. The count of active addresses climbed 42% in November, according to Santiment data.
In the same timeframe, the count of whale transactions valued at $100,000 and higher hit a peak of 2,737 on November 10, and large wallet investors remained relatively active throughout November.
Traders’ profit-taking has reduced from a peak of $93 million on November 10 to nearly $21 million on Friday, November 15. Typically, a reduction in profit-taking activities reduces the selling pressure on the token, paving the way for gains.
Cardano’s correlation with Bitcoin is 0.93, per IntoTheBlock data. Cardano’s gains are, therefore, influenced by the state of Bitcoin and the largest cryptocurrency’s price trend. A correction in Bitcoin could negatively impact Cardano.
