As a seasoned researcher who has witnessed the crypto market’s volatility since its inception, I find it fascinating to observe how Cardano (ADA) continues to evolve and adapt amidst the ever-changing landscape of blockchain technology. The recent 8.50% surge in ADA’s price on Nov. 2, outperforming the broader crypto market, is a testament to the project’s resilience and potential.
Yesterday, Cardano (ADA) experienced a robust recovery, increasing by more than 8.50% to hit $0.363 on November 2. This performance surpassed the overall crypto market’s growth, which saw a minimal rise of approximately 1% within the same timeframe.
The increase in value for ADA (Cardano’s cryptocurrency) was observed around the end of the fourth annual Cardano Summit 2024 held in Dubai and during the release of the recent U.S. employment report in October, which indicated a low unemployment rate.
Cardano Summit boosts ADA price upside
Today’s surge in ADA’s price might be due to the optimistic atmosphere generated by some crucial updates and declarations that took place during the 2024 Cardano Summit.
To illustrate, EMURGO – a company spearheading the promotion of Web3 on the Cardano blockchain – has teamed up with BitcoinOS (BOS), a system for writing smart contracts using Bitcoin. This collaboration aims to move the $1.3 trillion in Bitcoin’s liquidity into the decentralized finance (DeFi) environment of the Cardano network.
At the 2024 Cardano Summit, I had the privilege of witnessing esteemed figures take the stage alongside strategic collaborations with heavyweights such as Binance and Animoca Brands, further solidifying Cardano’s presence in the blockchain industry.
Major gatherings such as the Cardano Summit tend to spark speculation among traders and investors, who purchase in expectation of declarations that might boost the network’s worth and usefulness.
Low unemployment rate benefits risk assets
1) In the last 24 hours, ADA’s surge followed similar trends observed in other high-risk markets. This upward movement could be due to heightened chances of a reduction in interest rates following the recent U.S. jobs report release.
In October, the rate of US job growth experienced a significant decrease compared to previous months, reaching a record low not seen since 2020. This slowdown was due in part to the impact of severe storms and a large-scale work stoppage at Boeing, which resulted in an addition of only 12,000 jobs in nonfarm payrolls.
On the other hand, the unemployment rate remained unchanged at 4.1% as per the November 1st report by the Bureau of Labor Statistics, and there was a slight uptick in average hourly wages.
The upcoming employment data will be the last significant economic measurement before the Federal Reserve’s gathering next week and the November 5th presidential election.
Based on information from the CME, there’s now a 98.9% chance that interest rates will be reduced by 0.25 percentage points in November, an increase from the previous 94.8% before the report was made public.
Reducing interest rates often enhances market fluidity and strengthens the worth of assets, thereby fostering an atmosphere where investors tend to invest in riskier markets such as cryptocurrency, which is commonly referred to as a “risk-on” environment.
In simpler terms, since ADA is one of the significant cryptocurrencies, it gains when there’s an increase in investment money because its price tends to follow the upward trend observed in stocks and other high-risk investments.
Cardano price eyes 35% rally by 2025
Today’s increase in Cardano’s value is attributed to a technical recovery. Importantly, this digital currency has seen a surge of more than 15.50% just a week following its test of the rising multi-month trendline support, as demonstrated in the chart below.
Previously, ADA has seen significant price increases following the same support level, with its latest surge exceeding 50% in August. Yet, these upward gains have been restricted by the 50-week (red) and 200-week (blue) exponential moving averages (EMAs).
Due to this fractal’s development, ADA is projected to aim for additional growth towards the 50-week Exponential Moving Average (EMA) roughly at $0.424, which represents a potential increase of about 15% from its current price point in November. If it manages to surpass the 50-week EMA, the next probable target would be the 200-week EMA around $0.477 by year’s end.
It’s noteworthy that the 200-week Exponential Moving Average (EMA) has increased by 35%, aligning with ADA’s long-term resistance trendline which it has been struggling to surpass for quite some time.
Read More
- DYM PREDICTION. DYM cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- Top gainers and losers
- SKEY PREDICTION. SKEY cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- RUNE PREDICTION. RUNE cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
2024-11-02 22:09