Cardano Price Soars 220% In a Month, Whats Next For ADA?

Cardano, a proof-of-stake blockchain, has seen a notable price surge recently. In this month of November, the ADA price has seen a strong rally, hovering above the $1 level. Last week’s remarkable Cardano rally stalls, with ADA down 8.70% from last week’s highest level. With this consolidation, similar to that of other altcoins, many traders wonder what’s next for Cardano’s price after the 220% rally: more upside or a correction?

This article explores what ADA price could next. 

Cardano Price Analysis: What Next After The Recent Surge?

Crypto analysts believe that the value of ADA rally has room to run as the crypto bull run continues. In an X post, a popular analyst known as EL, noted that the ongoing consolidation mirrored what happened in the last bull run. He found that the coin consolidated below $1 for a while and then surged to $2. It then wavered under $2 and then surged to a record high of $3. 

His statement matches what Ali Charts predicted in October. In his note at the time, he predicted that Cardano would replicate its performance in 2020, where it jumps after the US election and then tops in September 2025. 

Technicals point to more Cardano price gains. On the daily chart, Cardano has stabilized and is showing signs that it is forming a bullish pennant chart pattern, a popular continuation sign. This pattern happens when an asset goes parabolic, forming a flag pole, followed by a small symmetrical triangle pattern. In most periods, this pattern usually results in a strong bullish breakout. 

It is also not uncommon for cryptocurrencies and stocks to consolidate after hitting an important psychological level, in this case, $1. Further, Cardano’s price remains above the 50-day and 200-day moving averages, while the Average Directional Index (ADX) has jumped to 58, a sign that the trend is still strong. Therefore, this Cardano price forecast estimates that the coin will continue rising and that it will hit the next psychological level at $1.50 in the near term.

The alternative scenario, which is also bullish, is where the coin falls back to the support at $0.808, its highest swing in March this year. This price action is known as a break and retest and is a popular continuation sign. 

Potential Catalysts For ADA Price

Cardano faces two potential catalysts that could push its price higher in the coming weeks. First, it will likely benefit if Bitcoin price jumps to $100,000, which analysts expect will happen, potentially this week.

Further, Cardano’s ecosystem is doing fairly well. Data by DeFi Llama shows that the total value locked in the network has jumped by 205% in the last 30 days to over $604 million. This growth makes it the 17th-biggest chain in the industry. Similarly, the volume in Cardano’s DeFi protocols jumped by 64% in the last 7 days to $105 million. 

Also, like other coins, it will benefit from Donald Trump’s policies. He has already appointed several crypto-friendly officials like Elon Musk, Scott Bessent, and Howard Lutnick.

Frequently Asked Questions (FAQs)

1. Why has the recent Cardano price bull run has stalled?

Cardano stalled as the recent rally took a breather and as some traders took profits. The consolidation also mirrored that of other coins like Bitcoin and Ether.

2. Is this the end of ADA’s bull run?

Likely not. The coin has formed a bullish pennant pattern on the daily chart, pointing to more gains ahead.

3. How high can Cardano rise?

The most likely scenario is that Cardano jumps to $2 in the next few weeks if the crypto bull run continues.

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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

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