Altcoin
Analyst Reveals How High Cardano Price Can Rise, Here Are The Targets
The Cardano price has surged more than 8% to an intraday high of $0.837. This bullish momentum is supported by a combination of rising on-chain activity and technical indicators pointing to further potential gains. On-chain data reveals that ADA’s daily trading volume has hit a seven-month high of $52.26 billion, while whale transactions have reached a six-month peak.
Further supporting the crypto rally, futures’ open interest (OI) on ADA has also climbed significantly. OI at exchanges surged to $735 million on Wednesday. This current price rally has led some analysts to weigh in on future price targets for the cryptocurrency.
Key Targets for Cardano Price Growth
As Cardano price continues to gain momentum, analysts are projecting a range of potential targets based on its historical price patterns and technical indicators. The first target focuses on the $1.00 psychological level, which aligns with the 61.8% Fibonacci retracement level. Closing above this mark would signal the possibility of further gains.
Beyond $1.00, analysts have outlined several bullish scenarios. The least optimistic outlook suggests Cardano price may retest its previous all-time high of $3.12. In a more favorable scenario, ADA could double its all-time high, reaching $6.00, driven by increased adoption of the Cardano blockchain ecosystem.
The most bullish case points toward a price range of $12.00 to $15.00 if the current crypto rally continues and market conditions remain favorable.
Another prominent analyst shared insights into ADA’s potential by highlighting its consistent movement within an ascending price channel over several years. According to the chart, Cardano price has rebounded off the lower boundary of the channel before surging to test upper levels.
The chart also illustrates a pattern of accumulation and breakout phases, suggesting robust investor activity. The analyst emphasized that ADA is currently testing support within this channel. More so, he predicted the crypto would hit $3.5 on the low side and a possible rally to $10 on the upside.
On-Chain Metrics Supporting Cardano’s Momentum
Cardano’s futures Open Interest (OI) has surged significantly, reflecting increased market activity and bullish sentiment. According to Coinglass, OI rose from $585.37 million earlier in the week to $735 million on Wednesday, marking its highest level since November 2021. This rise in OI indicates a notable inflow of capital and growing confidence among investors in ADA price trajectory.
The current Cardano price rally is underpinned by strong on-chain metrics indicating heightened investor activity. According to Santiment, ADA whale transactions have surged 145% over the past month, reflecting increased interest among large holders. Wallets holding $10 million or more in ADA have expanded their positions significantly, boosting confidence in the cryptocurrency’s growth trajectory.
Additionally, Cardano price gains coincide with rising decentralized finance (DeFi) activity on its network. Data from DeFiLlama reveals that Cardano’s Total Value Locked (TVL) has climbed to $490.7 million, nearing its all-time high. The uptick in DeFi engagement, combined with increased trading volume and whale activity, reinforces the bullish sentiment surrounding ADA.
ADA Technical Indicators
Meanwhile, the MACD indicator on the 24-hour chart demonstrates a bullish momentum for Cardano (ADA), with the MACD line crossing above the signal line, supported by a rising histogram. This setup typically indicates increasing buying pressure and a continuation of upward price movement, as seen in ADA’s recent surge.
Source: TradingView
In addition, the Bull Bear Power (BBP) indicator shows a positive trend, with values above zero, signaling that buyers are currently dominating the market. The rising BBP reflects increasing strength in bullish momentum, further reinforcing the crypto rally.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin and the overall altcoin market have registered strong comeback after an early sell-off on Monday. This recovery comes amid growing euphoria around the Donald Trump inauguration as well as strong demand for TRUMP meme coins. However, investors are likely to undertake a cautious stand with Bank of Japan’s rate hike decision.
Bitcoin and Altcoins Subject to Macro Developments
Bitcoin price has seen massive volatility in the last 24 hours, falling under $100K levels, and then forming a 10% god candle to an all-time high around $110K. The euphoria around the launch of TRUMP meme coins supported by Donald Trump inauguration on Monday has been the cause of volatility. Crypto market analyst Rekt Capital stated that Bitcoin needs a weekly close above $104,740 to confirm fresh all-time highs moving ahead.
Commenting on his chart further, the analyst added: “A Weekly Close below red and it’s possible BTC could pullback again, however likely for a shallower retrace compared to the one of mid-December 2024”.
Furthermore, macro developments like dropping core CPI and strong US jobs data have also contributed to the rally. Investors will now be closely watching the Bank of Japan’s interest rate decision this Friday, as it plans to take rates to a 17-year high. Following today’s breakout, technical charts suggest that Bitcoin price rally to $158,000 is still in play.
#Bitcoin $158,000 target still in play🚀🎯 pic.twitter.com/qzBnKVFsUo
— Titan of Crypto (@Washigorira) January 20, 2025
Altcoins Market Sees Strong Recovery
The overall crypto market liquidations have soared to $1.24 billion of which Bitcoin liquidations are just $204 million, as per the Coinglass data. Thus, the altcoin space is facing even deeper correction with the TRUMP and MELANIA meme coin launch.
The Ethereum price is up 8% today after Donald Trump’s DeFi project World Liberty Financial purchased a large number of ETH coins in the last 24 hours. The good this is that the altcoin season index is showing signs of recovery jumping above 50 once again.
Popular crypto analyst Michael van de Poppe remains bullish on altcoins. He said:
“A tremendous weekend with TRUMP and a cascade on the altcoins. I expect that we’ll see strength on ETH, LINK, AAVE and a lot of altcoins in the coming week as Yields are going down and the $DXY becomes weaker. Great times are ahead of us”.
Will Bank of Japan Play the Spoilsport?
The Bank of Japan (BOJ) is anticipated to raise interest rates on Friday, to the highest levels in 17 years after the 2008 financial crisis. This potential rate hike would signal the central bank’s commitment to gradually increasing rates, currently at 0.25%, towards a target of around 1%.
During its two-day meeting concluding on Friday, the BOJ is expected to lift its short-term policy rate to 0.5%. If implemented, this would mark the first rate hike since July of last year, a move that, combined with weak U.S. jobs data at the time, led to significant market turbulence in early August.
However, this time the US jobs data has shown strength along will falling core CPI. Thus, any major upheaval in Bitcoin and altcoins is unlikely moving ahead, is unlikely.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The crypto community’s focus is still on the prolonged XRP lawsuit despite the buzz surrounding Donald Trump’s TRUMP memecoin launch. With Trump’s inauguration and SEC Chair Gary Gensler’s resignation, the XRPArmy anticipates an imminent resolution in the Ripple vs SEC case.
However, legal experts such as Securities attorney Marc Fagel warn about the Ripple vs SEC case’s unpredictable nature, predicting a possible 10-month delay. The controversy surrounding Trump’s token launch has reignited the discussion on the much-awaited XRP lawsuit settlement.
Securities Lawyer Predicts 10-Month Delay in Ripple vs SEC Case
In an X post, Marc Fagel emphasized the uncertain nature of the Ripple vs SEC case, positing that the case could be further prolonged to 10 months. He has also commented on the possibility of a sooner settlement under the Trump government if the new SEC Chair Paul Atkins opts to drop the appeal.
The discussion began with Fox Business journalist Eleanor Terrett’s post on Trump’s TRUMP token. While Eric Trump hailed the TRUMP coin as the “hottest digital meme on earth,” Fagel dismissed it as a “pyramid scheme.”
🚨NEW: @EricTrump has officially commented on the launch of the $TRUMP token, calling it “the hottest digital meme on earth.”
It’s real. https://t.co/iAXrFwcnjh
— Eleanor Terrett (@EleanorTerrett) January 18, 2025
The conversation quickly escalated into a debate about hot topics, including the Ripple vs SEC case, Elon Musk’s ongoing battle with the SEC, and the broader implications of crypto regulations. Marc Fagel wrote,
Ripple broke the law, as a federal court confirmed. Musk, previously charged with securities fraud and thus a repeat offender, seems to have pretty clearly broken the law. But I guess we just give billionaires and well-financed companies a pass.
How Trump’s Memecoin Will Impact XRP Lawsuit?
Following the recent memecoin frenzy triggered by the TRUMP token, XRP lawyers are closely examining the potential outcome of the XRP lawsuit. For instance, attorney Bill Morgan raised concerns over the memecoin’s impact, urging Congress to adopt clearer crypto guidelines. At the same time, pro-XRP advocate John Deaton emphasized his preference for memecoin regulations over other concerns like SAB 121, CFTC oversight, and tax reform.
Ripple Lawsuit’s Broader Impact on Crypto Market
The Ripple vs SEC case conclusion could have a broader impact on the crypto market, especially in the regulatory landscape. Ripple’s win over the SEC could establish a legal precedent for other cryptocurrencies, clarifying digital assets as non-securities. However, if Ripple loses to the SEC, it could usher in a stricter regulatory environment, posing significant challenges for cryptocurrencies.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Dogecoin network has seen a significant surge in activity following the inauguration of US President Donald Trump. Although this surge in activity cuts across the entire industry, on-chain data has revealed interesting dynamics among Dogecoin holders. These developments were brought into focus by crypto analyst Ali Martinez, who, using data from the analytics platform Santiment, highlighted a remarkable surge in high-value transactions on the Dogecoin network. According to Martinez, Dogecoin recorded an impressive 588 transactions exceeding $1 million within the last 24 hours.
Dogecoin Renewed Interest From Million-Dollar Transactions
The recent surge in large-scale Dogecoin transactions suggests the possibility of a significant upswing, as this activity typically indicates a liquidity bottom that initiates upward momentum. Historically, a rise in high-value transactions is associated with renewed investor confidence, especially when market sentiment shifts toward bullish trends.
In Dogecoin’s case, the transactions in question are not just sizable but exceptionally significant, with each exceeding $1 million. What makes this surge even more compelling is the timing, as it coincides with the bullish sentiment surrounding Donald Trump’s inauguration. Therefore, the current increase in transactions appears more indicative of accumulation rather than sell-offs or profit-taking.
The entire crypto market is currently in a bullish phase, with smart money entering early in anticipation of a pro-crypto environment under the new Donald Trump administration. This further lends credibility to the idea that these transactions could be more of accumulations than selloffs. Even if some of the activity includes sell-offs, the prevailing bullish sentiment suggests that such events may be brief, quickly absorbed by the market’s positive momentum.
Dogecoin is gaining momentum on social media, garnering over 500,000 mentions on platform X within the last 24 hours. This is due to the newly created Department of Government Efficiency, sharing the same acronym as Dogecoin’s ticker (DOGE), which has contributed to significant enthusiasm. Heightened visibility on social media often translates into increased retail participation, which could create a combined effect with whale activity to drive the price higher.
DOGE Price Analysis: A New Multi-Year Bullish Pattern
In another technical analysis, Martinez noted that DOGE is trading within a multi-year ascending parallel channel on the weekly candlestick timeframe. The ongoing bull market gained momentum after Dogecoin rebounded off the lower trendline of the channel in late 2023, and the meme coin has been trading in an upward direction since then. The sustained climb along this channel suggests that DOGE could maintain its bullish trajectory over the longer timeframe.
In terms of a price target, the chart pattern projects a bullish target of $15 at the upper trendline of the ascending parallel channel. At the time of writing, DOGE is trading at $0.343, meaning that reaching this target would represent an extraordinary 4,273% increase from its current price level.
Featured image from Unsplash, chart from Tradingview.com
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