Cardano (ADA) has been making headlines as it has led the market with a staggering price surge, bucking the broader cryptocurrency trend. On November 16, 2024, while other assets were struggling to gain momentum, ADA prices surged by a massive 28%.

Cardano (ADA) Price Momentum and Its 28% Gain

Meanwhile, the asset has experienced a 7% upward momentum in the past hour and is currently receiving significant attention from cryptocurrency enthusiasts. Following this significant price increase, ADA is currently trading at nearly $0.732. Additionally, the asset’s trading volume has jumped 180% in the past 24 hours, highlighting the increased participation of traders and investors in the ongoing rally.

ADA Technical Analysis and Upcoming Levels

The asset’s price has reached a critical level as it has seen a significant increase in price over the past 24 hours. According to expert technical analysis, ADA has reached the key resistance level of $0.775 for the first time since March 2024. This notable rebound came after four days of minor consolidation around the $0.60 support level.

Source: Trading View

Based on recent price action and historical momentum, if ADA breaks through resistance and closes the daily candle above $0.80, there is a high chance that the asset could surge by 27% or 55% to $1.01 or $1.23.

Judging from the current market sentiment and recent price action, it seems likely that ADA will reach this level in the coming days.

On-chain indicators are bullish

On-chain metrics further support the bullish outlook for ADA. According to the on-chain analytics firm, its open interest has surged by 39% in the past 24 hours and 13% in the past 4 hours. The rise in open interest indicates increased participation and confidence among traders, leading to a significant increase in open interest.

Source: Coinglass

Notably, open interest has surged at key resistance levels, which is considered a long-term bullish signal for Cardano (ADA). Additionally, ADA’s long/short ratio currently stands at 1.002, indicating strong bullish sentiment among traders.