Is Now the Right Time to Buy Cardano (ADA)?

Bittime - United States election results the latest has changed the overall market sentiment. 

In the midst of this situation, Cardano (ADA) along with other major cryptocurrencies experienced a significant surge and caught the attention of crypto enthusiasts.

Interesting Cardano (ADA) Price Surge

In the last 30 days, ADA has seen an increase of more than 272%. 

Although this upside momentum is quite significant, on-chain metrics suggest that ADA will likely continue this rally in the next few days. 

According to on-chain analytics firm CoinGlass, since November 23, 2024, ADA inflow/outflow data shows that the exchange has recorded outflows of $231 million.

Source: Coinglass

This outflow refers to the amount of assets moved from the exchange. 

In the context of cryptocurrencies, outflows often lead to price increases, reducing selling pressure and attracting the interest of investors and traders.

Current Cardano Price Momentum

Currently, ADA is trading around the $1.20 level and saw a moderate price decline of 2% in the last 24 hours. 

However, during the Asian trading session, ADA reached a two-year high of $1,326. 

Additionally, trading volume during the same period increased by 8.5%, indicating increased trader participation amid ADA's bullish outlook.

Cardano (ADA) Technical Analysis

Despite these developments, experts suggest that ADA is currently facing strong resistance around $1.25 and seems to be struggling to break this level. 

Based on the latest price action, if the altcoin manages to break out and close the daily candle above the $1.30 level, ADA could see a significant upside momentum of 32% in the next few days.

Historically, whenever ADA price reaches or breaks a resistance level, there will usually be a consolidation before a significant upward rally. 

Currently, increasing interest from whales and confidence in this token shows signs of bullish momentum or buying opportunities.

Geopolitical Uncertainty and Its Impact on Cardano

However, on December 3, 2024, sentiment appeared to shift in a negative direction after the President of South Korea, Yoon Suk Yeol, declared a state of military emergency. 

This significant development has triggered sizable asset selling in recent hours. 

If this decline cannot be controlled, ADA's bullish thesis could be at risk of failing.

Bullish Prediction for Cardano

According to Dapp Central, now may be the last opportunity to buy Cardano (ADA). 

Bullish sentiment is increasing along with buzz regarding a potential surge in Bitcoin prices. 

Cardano founder Charles Hoskinson predicts that Bitcoin could reach an astonishing price of between $250,000 to $500,000 in the next 12 to 24 months. 

If this happens, it could trigger a massive bull market, not only for Bitcoin, but also for altcoins like Cardano.

Prediction Cardano (ADA) Price Target and Analysis

One analyst, Javon Marks, stated that ADA is showing signs of bullish activity. 

Source: TradingView

There is a possibility of a 143% price increase, targeting around $2.7709, which would take Cardano back to levels not seen since November 2021. 

Historical patterns suggest that Cardano could rise much higher—up to 2,727% from the market low—similar to previous bull cycles in 2021.

Risks to Pay Attention to When Choosing Cardano (ADA)

Before deciding to invest in Cardano, there are several risks to be aware of:

1. Volatility: The cryptocurrency market is known to be very volatile. ADA has experienced Price volatility was 36.79% in the last 30 days.

2. Competition: Cardano competes with other blockchains such as Ethereum and Solana.

3. Technology and Adoption: The team behind the project must deliver on their promises. Any errors may affect the price.

4. Regulatory Risk: Regulatory oversight could be a major risk for the ADA. Changes in regulation can affect prices, and ADA was recently identified as a security in an SEC case that could limit upside potential.

Read too Cardano (ADA) Price Prediction 2024, 2025 - 2030

Conclusion

Is this a good time to buy Cardano? 

While there is bullish sentiment and historical patterns suggest growth potential, it is important to consider the risks involved. 

High volatility and regulatory challenges remain key issues that need to be addressedrhatikan.

FAQ

What will Cardano be worth in 2025?

Cardano (ADA) value predictions in 2025 vary depending on market analysis and investor sentiment. 

Some analysts are optimistic that ADA could reach a price between $3 to $5, especially if the bullish trend continues and adoption of Cardano's blockchain technology increases. 

However, it is important to remember that the cryptocurrency market is very volatile, and price predictions can change quickly.

Will ADA Hit $5?

It is possible that ADA could reach $5 if market conditions are favorable and if Cardano successfully implements technical updates and attracts more users and developers to its platform. 

Some analysts believe that if a strong bullish trend occurs, this price target could be achieved within the next few years.

Will Cardano Be Worth Anything?

Cardano (ADA) will likely continue to have value in the future, especially if the project continues to grow and gain wider adoption. 

With innovative technology and an active community, Cardano has the potential to remain relevant in the cryptocurrency market. 

However, like all investments, there are risks involved, and the value of ADA can fluctuate depending on various factors, including market conditions and technological developments.

How to Buy Crypto on Bittime

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Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

Reference

Chandan Gupta, Time to Buy Cardano? $230M ADA Outflows Signal Bullish Rally, Accessed December 4, 2024

OneSafe Content Team, Is This the Last Opportunity to Buy Cardano?, Accessed December 4, 2024

Author: IN