TL;DR
- Some analysts believe ADA could surge even more if it surpasses important resistance levels.
- Strong on-chain metrics and no scheduled token unlocks support bullish sentiment.
‘Approaching Next Level?’
Cardano’s ADA has been among crypto’s rockstars lately, recording a 120% price increase on a 14-day scale. It currently trades at around $0.73 (per CoinGecko’s data), with many market observers speculating on a further pump.
The X user FLASH noted the major resurgence, predicting that ADA is “approaching next level” above $1. The analyst believes this target might be reached before the end of the year.
Ssebi chipped in earlier today (November 18) when the token’s valuation charted a substantial green candle. They assumed that ADA could tap $0.90 if it exceeds the important resistance level of $0.74. Recall that the asset briefly crossed the depicted mark before retracing to its current condition.
Lucid – an X user who often outlines bullish predictions – also gave their two cents. The analyst believes ADA is “about to go Interstellar” due to several essential factors.
For one, the pundit claimed that Cardano’s native token has “a higher MAV than the entire top 10 combined.” The Minimum Attack Vector (MAV) measures decentralization by evaluating the minimum number of entities required to compromise the network’s security or consensus. A higher ratio signals a greater decentralization and resilience against potential attacks.
Lucid also maintained that Cardano has zero token unlocks scheduled for the upcoming future. The release of previously locked or restricted coins increases the circulating supply. Fundamental principles of the economy dictate that this development, combined with non-rising demand, could result in a price retreat.
“Cardano is the most decentralized chain that never shuts down. ADA is a hard-capped commodity that can’t be destroyed,” Lucid concluded.
We’ve recently released a video with some of the major developments surrounding Cardano. Check it out here:
What are Indicators Suggesting?
Some essential on-chain metrics also hint at a further price rally for ADA. For example, the Net Network Growth (a momentum signal that “gives a pulse of the true growth of the token’s underlying network”) is up 0.26% in the past 24 hours.
The “In the Money” indicator, which measures the change in the number of ADA investors currently sitting on paper profits, is also in bullish territory, rising by 2.4% for the same period.
As of the moment of writing these lines, 62% of all holders of the asset are in the green, whereas 35% remain underwater. This marks a significant improvement compared to the stats observed at the beginning of August. Back then, almost nobody holding ADA was sitting on paper profits as the price crashed below $0.30.
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