On November 22, Bitcoin broke through multiple important levels. From $95,000 to $98,000, and then to $99,500, the rise of Bitcoin was unstoppable, with the highest price reaching $99,537, setting a new record high. It is only one step away from the $100,000 mark.
As of 10:36 am on the 23rd, the latest price of Bitcoin is $98,400/coin, with a high of $99,660 during the day.
Due to the two-way trading of Bitcoin, market volatility brings huge risks. CoinGlass data shows that in the past 24 hours, $374 million in Bitcoin positions were liquidated across the network, including $180 million in short positions and $200 million in long positions. This highlights the huge uncertainty brought by the short-term violent fluctuations in the market.
ADA price rises
Cardano (ADA) has recently shown an amazing recovery momentum, with the token breaking through the $1 price level on November 23, 2024, and the price soaring by more than 30% in the past 24 hours, currently at $1.08. This price breakthrough not only breaks the long-term bearish trend, but is also accompanied by a significant increase in trading volume, up an astonishing 150%, with a trading volume of $6.7 billion, fully demonstrating the significant increase in market activity.
Reasons for the rise in ADA price
From a technical perspective, the rise in ADA's price can be attributed to the combined effect of multiple factors.
- First, the rise in ADA's price is in line with the predictions of recent market analysis. Analysts believe that ADA's price is likely to break through the $1 mark this weekend, and this is just the prelude to even greater gains.
- Secondly, the strong performance of on-chain data further supports the rise in ADA's price. According to the CoinGlass report, ADA's open interest has grown by 34% to $972 million, indicating a strong bullish sentiment in the market.
- In addition, the increase in short liquidation amounts also indicates that traders who have bet on ADA's rise are being forced to close their positions, and this forced buying pressure has further driven up ADA's price.
In addition to the support of technical indicators, the rise in ADA's price has also received a enthusiastic response from the community.
- Santiment's data shows that Cardano's market capitalization has doubled in the past 17 days.
- At the same time, discussions about ADA on social media have reached their highest level in 11 months, highlighting the growing interest and activity within the community.
- Furthermore, the participation of large investors has also further driven the rise in ADA's price. According to reports, whales holding large amounts of ADA have increased their ADA holdings over the past month, indicating strong confidence and accumulation momentum among large investors.
ADA's future price target
In analyzing ADA's future price target, multiple analysts have provided different forecasts.
Ali Martinez believes ADA has huge upside potential and points out that the current rally is just the tip of the iceberg.
Another analyst, Dan Gambardello, also pointed out ADA's bullish pattern and predicted key support and resistance levels, hinting at further upside potential. He even boldly predicted that Cardano's price could target $10.
However, it is worth noting that despite the bullish sentiment, analysts also emphasize the importance of support levels. The $0.80 support level is seen as a key factor in maintaining the current bullish trend. Therefore, market participants need to closely monitor these key price levels to assess market dynamics and formulate corresponding trading strategies.
Overall, Cardano's (ADA) recent performance has demonstrated the vitality and potential of the crypto market. Although the future price trend remains uncertain, the current bullish sentiment and strong market activity indicate that ADA is likely to continue its upward trend and reach higher price levels. Investors should closely monitor market dynamics and formulate corresponding investment strategies.
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