Why has the price of Cardano (ADA) risen today?
The price of Cardano (ADA) has been on a strong upward trend recently, especially on November 8th, when it surged by 33.7% to reach $0.436, a new high in four months! Why is that? Let's take a look together.
First, we have to talk about the broader environment. Trump won the 2024 U.S. presidential election, and this has excited the cryptocurrency market, causing prices to rise across the board. Bitcoin, Ethereum, and other big players have all increased, and naturally, Cardano benefited from this.
Next, let's discuss policy. The Federal Reserve cut interest rates by 0.25% on November 7th, which is good news for the cryptocurrency market. With lower interest rates, market liquidity increases, asset valuations rise, and everyone can make money, which naturally improves the mood.
Additionally, Cardano itself has good news. Before the price increase on November 8th, its open interest rate-weighted financing rate surged sharply, indicating that everyone is very confident in it and wants to buy it to make a profit. As a result, short sellers were caught off guard, while long traders made a fortune.
From a technical perspective, Cardano's recent rise is also reasonable. It had previously attempted multiple times to break through that downward trend line but failed each time. This time, it finally succeeded and even broke through the resistance level of $0.42. With this momentum, the next target is $0.52, which would be a 19% increase from now!
Therefore, Cardano's price increase is the result of multiple factors working together. We should follow the market and see what good plays are coming up next!
Recently, I plan to lay low with a potential coin that is ready to explode, doubling my investment should be quite simple. At the same time, I also intend to find some potential coins to hold until the end of the year, expecting a growth space of over 10 times is not a problem. If you want to keep up, leave a message, follow, like, and share freely.
