Altcoin
Cardano Price Hits $1 But Analyst Says This Is Just The Start
Cardano (ADA) has experienced a remarkable surge, crossing the $1 threshold for the first time since April 2022. Over the past 24 hours, ADA price increased by 30%, reaching $1.06. Trading volumes also witnessed a sharp rise, climbing 150% to $6.7 billion, reflecting heightened market activity.
Despite these milestones, analysts say this is just the beginning, with some weighing in on future projections. With bullish on-chain metrics, increasing whale activity, and growing investor confidence, the question now remains, what is next for ADA price?
Cardano Price Records 30% Surge to $1 Amid Bullish Metrics
Following the recent crypto rally, Cardano price has surged by 30% in the past 24 hours, achieving a price of $1.06. This marks the first time ADA has crossed the $1 mark since April 2022. Trading activity also showed a substantial increase, with volumes spiking by 150% to reach $6.7 billion in just 24 hours.
More so, the crypto rally aligns with recent analysis predicting ADA price could cross the $1 mark this weekend. Analysts have suggested that the crypto is yet to fully realize its potential. Ali Martinez expressed optimism stating,
“$ADA has surged nearly 200% in the last three weeks! But that’s nothing compared to what is coming.”
According to crypto analyst Ali Martinez, the recent Cardano price movement is just a precursor to larger gains. Martinez pointed out that ADA whales holding between $1 million and $10 million worth of ADA have increased holdings by over 100% in the past month. This has resulted in large transactions exceeding $22 billion daily on the network, signifying robust accumulation activity.
From a technical standpoint, Martinez noted that ADA is mirroring its previous bullish cycle. If this pattern continues, ADA could aim for targets as high as $6. However, he emphasized that the $0.80 support level, where 1.2 billion ADA were purchased by 48,000 addresses, remains crucial for sustaining the current bullish trend.
On-Chain Metrics Show Strong Momentum
In addition, on-chain data underscores the bullish sentiment surrounding ADA. According to CoinGlass, Cardano price has benefited from a 32% increase in open interest, which now stands at $889 million.
Moreover, short liquidations have reached $9.77 million in the past 24 hours, indicating that traders betting against ADA’s rally were forced to close their positions. This forced buying pressure has further fueled ADA price growth during the ongoing crypto rally.
Additionally, data from Santiment highlights Cardano’s tripling market cap over the past 17 days. Concurrently, the crypto recorded $165 million in realized profits in a single day, the highest in eight months. More so, the data show Social media discussions about ADA have reached an 11-month high, underlining the growing interest within the community.
Another analyst, Dan Gambardello, noted that ADA’s trajectory over the past three weeks, which saw nearly 200% growth, mirrors its previous bullish patterns. He identified key support zones around $0.80 and resistance near $1.05, suggesting further upside potential.
Gambardello emphasized that if the current pattern holds, Cardano price could aim for a long-term target of $10. This recent rally has prompted several analysts and investors to weigh in on the possible price targets for ADA price, with projections ranging from $1.00 to as high as $15.
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.
Cryptocurrency Prices Today, November 23: The broader market movement on Saturday sparked bullish momentum globally. Bitcoin remains steady at $98K, while major altcoins like ADA, XRP, and AVAX surged between 14% and 25%. Notably, Hedera (HBAR) and Stellar (XLM) emerged as top performers, registering jumps of 25% to 55% in the last 24 hours.
Simultaneously, the global crypto market cap witnessed a 1.5% increase in the past 24 hours, currently at $3.33 trillion. However, the total market volume declined by 12% from yesterday and is now at $219 billion. Let’s dive into a brief report on the top cryptocurrencies by market cap and their price movements on November 23.
Cryptocurrency Prices Today: BTC Holds Steady, ETH & SOL Unchanged, XRP Soars 15%
Bitcoin (BTC) remains stable at $98K, holding its position for the past 24 hours. Similarly, Ethereum (ETH) and Solana (SOL) have shown no significant movement during this period. However, XRP has surged by 14%, leading the gainers. Among the top meme coins, Dogecoin and Shiba Inu have also witnessed a 9% increase in the last 24 hours, reflecting positive momentum in the cryptocurrency prices today.
Bitcoin Price Today
BTC price chart appears steady, currently trading at $98,550. Its intraday low and high are $97,222 and $99,655, respectively. Bitcoin’s market cap is $1.95 trillion, with a 24-hour trading volume of $76 billion.
According to Sosovalue data, 22.85 million BTC flowed out of 12 BTC ETFs. However, BlackRock’s IBIT data is still awaited. With a dominance of 58.59%, Bitcoin remains the largest cryptocurrency by market cap.
Ethereum Price Today
Ethereum (ETH) remains unchanged, currently trading at $3,333. Its 24-hour low and high are $3,262 and $3,428, respectively, showing minimal price movement. ETH has gained 7% over the past week, indicating positive short-term performance. With a market cap of $400 billion, ETH remains strong in the market.
The 24-hour trading volume for Ethereum is $38 billion, and it commands a market dominance of 12%. ETH ETFs saw an outflow of 8.47 million, and BlackRock’s IBIT data is yet to be released, which may further influence the market.
Solana Price Today
Solana (SOL) is down by 2% in the last 24 hours, currently trading at $255. Its 24-hour low and high are $252 and $263, respectively, showing slight fluctuations. Over the past week, SOL has risen by 17.5%, reflecting strong growth. With a market cap of $121 billion and a 24-hour trading volume of $7 billion, Solana remains the fourth-largest cryptocurrency globally.
XRP Price Today
XRP price has jumped by 15% in the last 24 hours, currently trading at $1.566. Its 24-hour low and high are $1.367 and $1.621, respectively, showing strong volatility. XRP has surged by 75% in the past week and 200% in the last 30 days, reflecting impressive growth. With a market cap of $89 billion and a trading volume of $20 billion, XRP is now the sixth-largest cryptocurrency by market cap.
Meme Coins Performance Today
Dogecoin (DOGE) has increased by 9% and is currently trading at $0.42. Its 24-hour low and high are $0.3858 and $0.4296, respectively, showing solid market movement.
Similarly, Shiba Inu (SHIB) is also up by 9%, trading at $0.00002698. Its 24-hour low and high are $0.00002437 and $0.00002749, respectively, reflecting positive momentum.
On the other hand, other meme coins like PEPE, BONK, and WIF have experienced declines of 2% to 8% in the past 24 hours. These drops indicate some volatility in the meme coin sector.
Top Cryptocurrency Gainer Prices Today
Stellar
Stellar (XLM) price is currently trading at $0.44, marking an impressive 55% increase in the last 24 hours. Its 24-hour low and high are $0.2766 and $0.4624, respectively, reflecting significant volatility and strong market momentum.
Hedera
Hedera (HBAR) is currently trading at $0.1542, up by 25% in the last 24 hours. Its 24-hour low and high are $0.1275 and $0.1681, respectively, showing strong price fluctuations and growth.
Cardano
Cardano (ADA) price is up by 24% and is currently trading at $1.09. Its 24-hour low and high are $0.85 and $1.137, respectively, reflecting significant movement, and it is the ninth-largest cryptocurrency by market cap.
Top Cryptocurrency Loser Prices Today
Peanut the Squirrel
Peanut the Squirrel (PNUT) is down by 13% in the last 24 hours and is currently trading at $1.11. Its 24-hour low and high are $1.04 and $1.31, respectively, indicating a decline in its price.
Popcat (SOL)
Popcat (POPCAT) is down by 9% and is currently trading at $1.43. Its 24-hour low and high are $1.415 and $1.612, respectively, showing a decline in price over the past day.
Raydium
Raydium (RAY) is down by 8% in the last 24 hours and is currently trading at $5.98. Its 24-hour low and high are $5.913 and $6.432, respectively, indicating a decrease in price during this period.
Besides, the hourly time frame chart continues to spark bullish momentum for cryptocurrency prices today. BTC is up by 0.4%, ETH is up by 0.5%, and Dogecoin has risen by 4%, sparking discussions among traders and investors about future price movements.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
Crypto analyst Dark Defender has shared his Elliot Wave Theory analysis, which shows that the XRP price can rally to as high as $18. The analyst’s accompanying chart further showed when XRP can reach this double-digit price target.
XRP Price To Hit $18 Next Year
In a recent Elliot Wave Theory analysis, Dark Defender shared an accompanying chart showing that the XRP price can rally to $18 by mid-next year. The analyst affirmed that XRP has been and is still following this Elliot Wave structure.
In his analysis, Dark Defender also revealed that XRP was currently in the third wave. The chart showed that this impulsive move to the upside will take the crypto to the $5.8 price level. Based on the chart, this rally to $5 could happen before this year runs out.
Once the rally to $5 happens, the next move will likely be a corrective one, causing the XRP price to retrace to around $4. This corrective wave 4 move will set the stage for the crypto to rally to this $18 price target by mid-2025.
XRP is enjoying massive bullish momentum, having rallied over 64% in the last seven days. This price rally has been partly because US SEC Chair Gary Gensler is set to step down. This development is bullish for the crypto since Gensler spearheaded the Ripple SEC lawsuit, which has, for the longest time, negatively impacted XRP.
Next Stop Is $2 Before Rally To New ATH
In an X post, crypto analyst Armando Pantoja said that the next stop for the XRP price is between $2 and $2.10. he made this prediction following his statement that XRP was smashing through resistance and heading for the 0.786 Fibonacci level at $1.61. Interestingly, Pantoja said that the rally to $2 will create an “easy path” to $8 for XRP.
Crypto analysts Ali Martinez and CrediBULL Crypto also predicted that XRP will rally to $2 next as pro-crypto Paul Atkins leads the race to replace Gary Gensler as the next US SEC Chair. CrediBULL Crypto’s $2 prediction came as he revealed that the XRP monthly Relative Strength Index (RSI) is about to enter the overbought territory for the first time in three years.
He claimed that this is bullish, as the higher the RSI goes, the stronger the momentum and the more bullish a coin is. Based on this, the analyst said the next target is $2, and then XRP will go for a new ATH.
Crypto analyst Javon Marks also provided a bullish outlook for the XRP price. In an X post, he stated that the coin is now starting to show signs of major strength after breaking out of a lower timeframe pennant. Based on this, he remarked that a massive uptrend continuation above $3 might already be happening.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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.
A crypto analyst has drawn a distinct comparison between the Dogecoin and Shiba Inu price movements, noting that the trajectory of both meme coins closely mirrors each other. While he points out these similarities, the analyst has projected the next bullish target for Shiba Inu as its price action shows signs of a potential uptrend.
Shiba Inu Price Vs. Dogecoin Price Movements
In an X (formerly Twitter) post, Ali Martinez, a prominent crypto analyst, revealed that the Shiba Inu price behavior is showing signs that it could follow a similar upward trend to Dogecoin.
Earlier this month, the Dogecoin price recorded a massive spike that pushed its value from $0.1 to $0.4. While the meme coin has since corrected to around the $0.3 level, Dogecoin’s price performance this November remains impressive as it has witnessed double-digit gains.
Despite still being in its early stages, Shiba Inu has been gaining steady traction, much like DOGE did before its explosive growth. Martinez’s Dogecoin and Shiba Inu price chart shows that from 2021 to 2024, both meme coins have been showcasing eerily similar price action.
In 2021, Dogecoin experienced a historic price surge that led to its all-time high of $0.73. However, this was followed by a sharp decline, with the meme coin dropping to $0.05 at some point in 2022. After this significant price correction, Dogecoin saw a modest recovery, rallying above $0.1 by late 2022 and early 2023. The cryptocurrency then entered a period of consolidation and further decline before rising to $0.2 in early 2024.
Following a brief drop back to $0.1, Dogecoin recently surged to $0.4, driven by bullish catalysts such as the concluded US Presidential elections and Elon Musk’s influence.
On the other hand, the Shiba Inu price chart shows that it surged to an ATH of $0.000083 in 2021, followed by a massive decline to $0.000007 in 2022. After this, the meme coin entered a prolonged consolidation phase between 2023 and 2024, marked by minor gains and further declines.
In early 2024, Shiba Inu also began a recovery, experiencing a significant price rally that pushed it above $0.000044. Despite experiencing another pullback to $0.00001, the meme coin is now in an uptrend, targeting $0.00003.
Shiba Inu Price Next Target At $0.00049
As Martinez identifies similarities between the Dogecoin and Shiba Inu price movements, the analyst has also shared an optimistic forecast for SHIB.
Compared to Dogecoin’s explosive growth, the Shiba Inu price has only captured a fraction of its momentum. If Shiba Inu can sustain its recent DOGE-like momentum, Martinez has projected that SHIB could rise to a new all-time high of $0.00049.
Such a move would mark an impressive 1,941% price increase from current value. As of writing, the price of Shiba Inu is trading at $0.0000248, marking a 2.9% increase in the last 24 hours and another 4.3% surge over the past seven days.
Featured image created with Dall.E, chart from Tradingview.com
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