- Cardano’s ADA gains 41% in the past 24 hours, topping the performance among the top 200 cryptocurrencies.
- ADA’s November rally has made it one of the month’s best performers, reversing earlier losses.
- Technical indicators suggest potential for further gains, though a short-term correction could occur.
Cardano (ADA) has emerged as the best-performing top 200 cryptocurrency over the past 24 hours, recording a significant 41% gain and reaching $0.6661, as shown in data shared by BlockNews on Nov. 10. With a market cap of $19.84 billion, Cardano’s recent rally underscores a broader resurgence in the cryptocurrency market, fueled by renewed interest in digital assets and favorable macroeconomic conditions.
November has been an exceptional month for ADA, reversing its earlier losses and marking it as one of the top-performing assets in the cryptocurrency sector. After struggling through most of 2024, ADA has gained strong upward momentum this month, largely attributed to the overall market’s positive sentiment following pro-crypto political developments in the United States.
Market Analysis and ADA’s Path to Recovery
Cardano’s recent gains come after months of underperformance. From January through October, ADA’s value declined by over 40%. However, November brought a turnaround, with ADA swiftly recovering losses accumulated over the past six months. This recent surge aligns with a broader market rally, particularly after the re-election of pro-crypto U.S. president Donald Trump, which has spurred optimism among crypto investors.
ADA’s sharp rise has lifted its relative strength index (RSI) into overbought territory, a level not seen since late 2023. While this may prompt some short-term profit-taking, the bullish sentiment remains strong as ADA holds above crucial resistance levels. Currently, ADA has bounced off the 0.618 Fibonacci retracement level at $0.5661, which could act as a pivot point for further gains or a potential pullback.
Source: Van00sa on X
Potential for Further Gains in 2025
If ADA maintains support above the 0.618 Fibonacci level, the next significant resistance could be around the $0.75 mark by December. A breakout above this point could set the stage for a rally toward $1.139 by March 2025, representing a potential 100% gain from current levels. However, if ADA fails to sustain its position above the key trendline, it may see a deeper correction toward the $0.35 range, representing a retest of its long-term support.
As ADA leads the market’s recovery in November, technical indicators suggest the possibility of continued growth, with support from strong buying interest and favorable macroeconomic conditions. Nevertheless, traders are advised to monitor for potential pullbacks as ADA’s RSI indicates an overheated market.
