Cardano Price On The Move To $1 With Midnight Devnet Set To Go Live On November 13

Cardano (ADA) bulls are making headway toward $1, although resistance at $0.38 is proving to be an uphill battle. However, with the hype surrounding the possible approval of multiple Bitcoin spot exchange-traded funds (ETFs) and BlackRock making the first step toward filing for an Ethereum spot ETF, the uptrend to $1 could soon gain momentum.

Moreover, investor attention has gradually shifted to the larger altcoins like ADA, Solana (SOL), Chainlink (LINK), Polygon (MATIC), and more which provide market participants with the opportunity to make bigger returns.

All these altcoins are built on solid technologies with multiple use cases from smart contracts, staking in the decentralized finance (DeFi), price feed oracles, and layer 2 solutions to play-to-earn (P2E) and the metaverse.

Investors believe that these tokens have the potential to rally significantly having proved their worth in the previous bull run. For instance, in 2021 Cardano price rallied from $0.15 and achieved an all-time high of $3.09 following a lengthy bear market.

Since the bull run, the Cardano ecosystem has improved significantly, introducing smart contracts and releasing the Vasil upgrade, not to mention the fundamental growth with millions of new wallets, @bigpeyYT, a renowned Cardano enthusiast, highlighted on Twitter (now X).

Cardano Price Prediction: How Long Can Bulls Hold The Reins?

Cardano bulls are not ready to give sellers any chances, not after the long crypto winter since November 2021. They have held the reins from mid-October, pushing ADA price above all three bull market indicators, starting with the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the 200-day EMA (purple).

The subsequent trading above a falling multi-month trendline strengthened the bullish grip, which provided Cardano price with the momentum to rally, testing resistance at $0.37.

Instances of profiteering activities dampened the uptrend, forcing ADA to retreat to $0.33.

However, with interest in the token still growing, Cardano had regained the ground to $0.358 at the time of press on Wednesday.

The Moving Average Convergence Divergence (MACD) indicator supports the bullish thesis, with a longstanding buy signal. The persistent green histograms above the neutral could keep investor interest high and build the momentum for another breakout to $0.5 and subsequently to $1.

Are Holders Buying ADA for the Midnight Airdrop

Podcaster and Cardano enthusiast, @bigpeyYT, believes Midnight “an innovative new blockchain empowering ground-breaking apps that safeguard sensitive commercial and personal data,” has the power to lead Cardano to mass adoption.

The Cardano bull was the first to reveal an airdrop from Midnight, which will reward holders with tokens for simply holding ADA. Although details of the airdrop are still scanty, @bigpeyYT said that two new tokens are set for release.

Holders will be required to stake their ADA to a pool running Midnight to earn the additional tokens, according to the latest post by @bigpeyYT on X. For more details, the community can listen to a podcast shared on his X page.

@bigpeyYT is a renowned ADA enthusiast who recently interviewed the network’s founder Charles Hopkinson and the Midnight CEO, Eran. He has also earned a following from Cardano blockchain developer Input Output Global (IOG).

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