Cardano price prediction: ADA rises 18%, seeks $1 due to purchasing pressure and rumors
ADA may have rallied because to speculations about the federal government using Cardano to construct a blockchain-based electoral voting system.
ADA's exchange traffic and open interest indicate positive investor demand.
Since Donald Trump's election, Cardano's ADA has been a crypto market star. The previous nine days have seen ADA gain almost 100%. Friday's market cooldown didn't stop the cryptocurrency from surging beyond $0.6837.
Rumors that the newly founded Department of Government Efficiency (DOGE) may use Cardano to develop a federal blockchain election voting and identity verification system may explain the previous 24 hours' bullish movement. Neither the DOGE nor Cardano community leaders verified the rumors.
According to Coinglass, bulls raised ADA's exchange net flows once its price reached $0.57. ADA saw $50.89 million in net currency outflows on Tuesday and Wednesday, its biggest since 2024. Increased exchange net outflows suggest investor buying pressure.
Price movement reflects buying pressure in the ADA market despite exchange flows switching to inflows in the previous two days.
The futures market has also favored ADA, pushing its open interest above $550 million for the first time since March.
Derivatives market open interest is the number of contracts outstanding. Prices rising with open interest imply optimistic momentum.
ADA expected to hit $0.8 after rebounding off 14-day EMA
Since bouncing off the 14-day Exponential Moving Average (EMA) on Thursday, Cardano has surged roughly 18% in 24 hours.
The currency is testing $0.6837 resistance. If ADA closes above this resistance, it might challenge its yearly high of $0.8104.
ADA's lengthy gain after breaking out of a seven-month negative trend on November 6 boosts positive momentum.
The RSI is overbought, suggesting ADA may correct.
A daily candlestick closing below $0.4570 disproves bullishness.
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