That amounts to 12% of lost value compared to what the coin hit just last month. Today, ADA won a minimal 2.2%, but investors see it failing in comparison with newer coins, which now are rapidly growing in prices.

Historical Trends Show Headroom For Further Growth

For ADA holders, crypto expert Ali Martinez has some encouraging news. He thinks Cardano might behave in line with its spectacular 2020 expansion. Following a protracted consolidation period, ADA surged by almost 4,000% and peaked at $3.10 within 10 months.

I believe #Cardano $ADA is following a similar pattern to 2020. If history repeats, we might see a pump around November 18—about two weeks after the US elections—and a potential market top by September 2025. pic.twitter.com/GgKWBqzYXU

�Ali (@ali_charts) October 29, 2024

Martinez thinks if history repeats itself, we may see a price jump starting around November 18, 2024–two weeks after the US elections.

As of now, Martinez said ADA has spent 455 days in a range since the last peak, and may hit $6.50 in September 2025 as it is going to skyrocket by 2,288%.

ADA market cap currently at $12.4 billion. Chart: TradingView.com

On-Chain Activity Raises Concerns

A fresh analysis from IntoTheBlock that showed Cardano’s Network Value to Transactions (NVT) ratio has surged to its highest level since June adds to the concern. Often preceding price pullbacks, this statistic points to a decrease in on-chain activity relative to price increases. The report underlined that ADA might struggle to keep increasing pace without more on-chain involvement.

Cardano’s NVT ratio has surged to its highest level since June, indicating a decrease in on-chain activity relative to price growth.

This classic overvaluation signal is notable given $ADA‘s recent underperformance, suggesting the potential for further downside.

Historically,�pic.twitter.com/yTx83exBXM

�IntoTheBlock (@intotheblock) October 29, 2024

Despite these challenges, some analysts are optimistic about Cardano’s long-term horizon. They foresee an estimated 130% growth in the next three months and an impressive 140% increase in the next year. This gap between short-term struggles and long-term optimism would suggest that Cardano has short-term pain ahead but that significant recovery is on the horizon.

This is a challenging time for Cardano as investors monitor closely its price movement and the behavior of trading with the token. As long as concerns over further dips linger, there are some individuals that believe this is a good opportunity to enter the ADA market before it takes off.

Analysts like Ali Martinez offer hope based on previous tendencies despite Cardano’s recent performance. ADA needs the next several weeks to solidify its position in the fast-changing crypto industry. Investors will monitor to see if Cardano can restore market momentum.

Featured image from CoinFlip.tech, chart from TradingView

Cardano NVT Ratio Has Surged To Its Highest Level Since June

In a new post on X, the market intelligence platform IntoTheBlock discusses the latest trend in Cardano’s NVT Ratio. The “NVT Ratio” here refers to an on-chain indicator that keeps track of the ratio between the ADA market cap and transaction volume.

When the value of this metric is high, it means the value of the network is high compared to its ability to transact coins. Generally, this can signal that the coin’s price is overvalued.

On the other hand, the low indicator implies the market cap may be undervalued compared to the blockchain’s volume, so ADA’s price could be due to a rebound.

Now, here is a chart that shows the trend in the Cardano NVT Ratio over the last few months:

As is visible in the above graph, the Cardano NVT Ratio has witnessed a notable surge recently, even though the coin’s price has been following an overall bearish trajectory. This would suggest that the transaction volume has tanked on the network.

Following this latest increase, the indicator has spiked to the highest level since June, implying that the cryptocurrency hasn’t been this overvalued in six months.

The reason behind this trend is likely to be the lackluster price action the coin has witnessed for a while now. Other assets, such as Bitcoin, have started to pop off recently. At the same time, ADA has remained a sideways movement, so ADA investors may be fed up and leave to explore greener pastures.

“Historically, elevated NVT ratios often precede price pullbacks,” notes the analytics firm. Thus, the recent spike in the indicator could spell further trouble for the already struggling coin.

The Cardano NVT Ratio could now be to keep an eye on in the coming days, as any more jumps in the metric may confirm a bearish outcome. However, there is also the possibility that the trend will see a reversal, with enough activity returning on the network to justify its current market cap.

ADA Price

The cryptocurrency sector as a whole has been rising during the past day, and Cardano has followed suit. Although the coin’s surge has been smaller than Bitcoin’s, the asset has climbed above the $0.348 level. The chart below shows the coin’s recent trajectory.

Renowned analyst Ali Martinez recently shared a technical analysis comparing ADA’s current market structure to November 2020. According to Martinez, ADA’s recent consolidation around key levels could set the stage for a significant upward surge, particularly following the upcoming U.S. election.

Martinez’s analysis highlights Cardano’s pattern of explosive growth after periods of accumulation and points to the potential for a strong rally if Bitcoin breaks new highs. Investors are now closely watching ADA’s price movement, eager to see if it can replicate its historic bull run. As the market prepares for a possible shift, Cardano’s performance in the coming weeks could offer insight into broader altcoin momentum in this cycle. The next moves could be decisive, making ADA one to watch in the rapidly evolving crypto landscape.

Cardano Following 2020 Bullish Pattern 

Cardano has captured the attention of analysts and investors who see its current consolidation as a possible signal of accumulation, hinting at a strong move up ahead. Well-known analyst Ali Martinez recently shared a technical analysis on X, comparing Cardano’s current price behavior and its pattern in 2020—a year in which ADA experienced an extraordinary 4,000% surge. 

According to Martinez, Cardano’s price action is displaying a similar setup, suggesting the possibility of a breakout around November 18, roughly two weeks after the U.S. elections. This timeline aligns with historical patterns, where ADA consolidates before explosive upward moves.

Martinez’s analysis points to a long-term bullish target of $6.30, representing a potential 2,000% increase from current levels. He anticipates that if it materializes, this rally could lead to a market top for Cardano around September 2025. This prediction is based on ADA’s cyclical price trends, where significant rallies have historically followed periods of low volatility and accumulation, driven by market sentiment and broader crypto adoption.

Many investors are now watching ADA closely, as such a rally would not only be significant for Cardano but could signal a broader bullish momentum across altcoins. Cardano’s current price level has attracted a mix of institutional and retail investors seeking opportunities before what could be a substantial move. 

With both on-chain data and technical indicators supporting a bullish outlook, ADA’s upcoming price action may set the tone for the altcoin market in the coming months. If history repeats, Cardano could be primed for one of its most powerful surges, attracting new interest and capital into the ecosystem.

ADA Technical Levels 

Cardano is trading at $0.346 after experiencing a clear rejection from the 4-hour 200 exponential moving average (EMA) at $0.351. This key level has been pivotal, as a break above it and holding it as support would signal a potential shift toward a short-term uptrend.

For bulls aiming to regain control over ADA’s price action, establishing a firm foothold above the 200 EMA is essential, as it would likely attract buying interest and strengthen upward momentum.

Additionally, the $0.37 supply zone presents another significant hurdle for ADA, as bulls have struggled to reclaim this level since early October. This resistance zone has repeatedly capped price action, indicating that substantial buying pressure is necessary to break through and sustain gains beyond this mark. A bullish trend could gain traction if ADA breaches the 200 EMA and the $0.37 supply zone.

However, if these levels remain unclaimed, ADA’s price is likely to continue consolidating sideways in the near term. Such a pattern would allow the market to stabilize and potentially attract fresh demand before attempting another breakout, though it may delay any significant upward movement for ADA.

Featured image from Dall-E, chart from TradingView

This lackluster performance has kept many ADA holders in the red zone, with unrealized losses mounting as the price continues to struggle. As a result, it is only natural for many to keep selling to reduce their losses, which in turn could cause the ADA price to keep falling, at least in the short term.

Analyst Says Cardano Price Is Already 80 To 90% Into Correction

The current ADA price action is very difficult to deal with, especially for long-term holders who have continued to hold despite the laggard performance. According to an analyst on TradingView, the best way for these ADA holders to keep approaching the ADA price outlook is to keep holding. This is because the drop is already quite advanced and we can say that 80 to 90% of the correction is already over for this pair.

To put things in perspective, Cardano is currently trading around 56% below its 2024 high of $0.7742, despite broader market rallies seen in September and October. According to crypto analyst Alan Santana on TradingView, ADA appears to be consolidating around the same price levels seen in November 2023, showing limited upward momentum.

In comparison, most other large market cap cryptocurrencies like Bitcoin, Solana, and BNB are already on their way to retesting their 2024 highs made in the first quarter. 

Interestingly, there exists a possibility of Cardano dropping lower in the coming months, especially if Bitcoin were to correct massively. However, as analyst Alan Santana pointed out, Cardano is already almost done with its corrections. As such, a fresh drop in the ADA price wouldn’t be a super strong drop and would last only a few days or maximum a few weeks. 

Sustained Long-Term Growth For ADA

According to Santana, selling ADA now may not be the best move, especially for those who have held throughout the corrections. This is because prices are already really low for ADA, and is already in the accumulation zone. As such, a prudent action would be to focus on the long term and wait until the next bull market enters in full swing. 

Santana’s price projection for ADA suggests that while another slight drop could occur, it would likely be followed by a gradual recovery from November 2024 to February 2025, with a more significant bullish phase expected to gain momentum by March 2025. By that point, Santana forecasts a potential return for ADA above $0.70, representing a 130% increase from its current price levels.

At the time of writing, ADA is trading at $0.3371, having increased by about 1.25% in the past 24 hours. 

Long-Term Cardano Price Outlook

Melika identifies a significant support zone for ADA between $0.30 and $0.35. This range has historically shown strong buying interest, characterized by an engulfing candle pattern and previously established supply and demand (S&D) zones. This base formation suggests a robust floor where Cardano has consistently garnered market support.

The analyst points out the potential for a bullish reversal, noting that ADA’s price action appears to be forming a bottom within this support zone. “The price seems to form a bottom after engulfing the support region, hinting at a potential bullish reversal,�Melika states.

Looking ahead, Melika sets a long-term resistance target between $1.20 and $1.80. This target area is not arbitrary but is based on previous price peaks, making it a significant hurdle for future price action. Should ADA maintain its support base, the path to these higher resistance levels may be realized as buyer confidence rejuvenates, setting the stage for a potential bull run.

“The next major resistance is in the $1.20-$1.80 zone, marked as a long-term target, which aligns with previous highs. If the current support holds, ADA could be positioned for a sustained rally toward the long-term target, especially as buyers regain confidence,�Melika writes.

However, she also cautions investors about a bearish scenario where ADA fails to maintain the $0.30 support level. A breach below this threshold could lead to a decline to levels below $0.18, presenting a substantial risk for holders. “A failure to hold support around $0.30 could see the price retesting to below $0.18,�Melika warns.

ADA Price Analysis: Short-Term Outlook

In the immediate term, ADA is navigating a strong support zone identified between $0.33 and $0.34, aligned with a lower trendline that underscores its importance. “A bounce from this support zone could see ADA targeting the resistance zone at $0.38 – $0.39. The engulfed area suggests a possible reversal signal,â€?the crypto analyst claims.

This resistance zone at $0.39 represents a critical point where previous sellers have previously dominated, making it a pivotal area for ADA’s short-term price action. A successful breach of this resistance could validate the bullish rebound scenario. “The $0.39 zone is a significant resistance where sellers previously controlled the market, making it a critical area to watch for any breakout,�Melika states.

Conversely, if ADA fails to sustain its current support, the price could retreat towards the broader long-term support at $0.30, underpinning the downside risks highlighted by Melika.

At press time, ADA traded at $0.3437.

With positive momentum building, Cardano is showing signs of further upside movement, positioning it for continued gains toward the $0.4233 mark. The question now is whether bulls can sustain this surge and push ADA toward new highs. 

As the uptick progresses, this article aims to analyze ADA’s recent price movement, with a focus on how the bulls reversed the pullback and sparked a new rally. It will examine the current bullish path, evaluate key support and resistance levels, and explore the potential for sustained upward movement in the near term.

Bullish Momentum Returns: How Cardano Reversed The Pullback

On the 4-hour chart, Cardano has turned bullish, currently holding its position above the 100-day Simple Moving Average (SMA) printing multiple green candlesticks. As long as the price remains above this level, the bulls will likely maintain control, with the possibility of further gains if the upward trend persists.

An analysis of the 4-hour Relative Strength Index (RSI) reveals a notable surge, rising to 63% after previously dipping to 53%. This increase reflects growing bullish momentum, suggesting that buying pressure is gaining strength in the market. While the current level is still below overbought territory, the upward shift in RSI signals increased demand and could pave the way for additional upside.

Also, the daily chart shows that Cardano is actively trying to break above the 100-day SMA, a key resistance level. Successfully surpassing this SMA could indicate a stronger optimistic trend and boost investor confidence, attracting more buyers. If ADA clears this resistance, it may lead to a shift in market sentiment and more upward movement.

The RSI on the daily chart is currently at 53%, indicating a bullish trend for ADA, as it is above the critical 50% threshold. Typically, this suggests that buying pressure is outpacing selling pressure, reflecting strong momentum and growing trader optimism about ADA’s price potential. 

Support And Resistance Levels To Watch In The Coming Days

On the upside, the $0.4233 resistance level is critical, as a successful breakout above this point could signal a stronger uptrend and draw in more buying interest. Should ADA surpass $0.4233, the next significant resistance to monitor will be at $0.5229. Clearing this level further bolsters bullish pressure, potentially leading to even higher price targets as market sentiment shifts favorably.

Meanwhile, on the downside, the first support level to monitor if the bulls are unable to maintain their momentum is $0.3389. A break below this level could result in additional losses, possibly driving the price toward the next support level at $0.2388, which may further extend to lower support zones if selling pressure continues.

Despite the lack of a major move, optimism remains high for ADA as market watchers await a signal to ignite the rally.

Top analyst and investor Carl Runefelt recently shared a technical analysis suggesting that Cardano could be on the verge of a bullish rally, potentially pushing ADA to $0.54. 

This prediction has generated excitement within the Cardano community, but the next few days will be critical in determining whether ADA can follow through with a breakout. 

As the market remains volatile, traders will closely monitor Cardano’s price action for signs of a confirmed uptrend.

Cardano Holding Above Key Level

Cardano is trading above a key resistance level at $0.33, sparking optimism among analysts and investors. This crucial price point could be the springboard that propels ADA to new highs. 

Analysts in the crypto community believe that Cardano is poised for a breakout, and some expect a rally in the coming days.

Prominent investor and analyst Carl Runefelt recently shared a technical analysis on X, highlighting a bullish pattern forming on Cardano’s chart. According to Runefelt, if ADA manages to break this pattern to the upside, the next target could be as high as $0.54, representing a potential 58% gain from current levels. 

This prediction has generated excitement, as ADA holders are looking for signs of a sustained upward trend after a period of consolidation.

However, not all scenarios point to a smooth ride for Cardano. If ADA fails to break above this pattern, further consolidation or a potential correction could be on the horizon.

The $0.33 level is now a key marker for traders and investors to watch closely in the coming days, as it could signal the beginning of a major price move—or the continuation of a more uncertain path for Cardano.

ADA Technical Analysis

Cardano’s (ADA) price action has been underwhelming compared to other altcoins. Currently trading at $0.34, ADA has seen a 7% decline from its recent high of $0.37 set on Tuesday. Despite some volatility, the price remains below the critical 200-day exponential moving average (EMA) at $0.40, following a failed breakout attempt in late September.

For the bulls to regain control, ADA must reclaim the $0.40 level and push toward setting a new local high above $0.41. A breakout above these levels would signal a potential momentum shift and spark renewed optimism among investors.

However, exceeding the $0.34 mark could lead to further downside pressure. If this level is lost, a correction to lower demand areas around $0.30 is expected. Traders are watching closely, as this level could determine whether Cardano will continue to underperform or regain its footing in the market.

Featured image from Dall-E, chart from TradingView

This price rebound was accompanied by a large transaction volume, especially from large holders, also known as whales. According to data from IntoTheBlock (ITB), this transaction volume amounted to 17.33 billion ADA, worth about $6 billion.

Major Uptick In Cardano Whale Activity

The Large Transaction Volume metric from IntoTheBlock tracks details on transactions with a value of $100,000 or greater. Interestingly, this metric puts the worth of whale transactions at $24.18 billion in the past seven days, a notable increase from last week’s readings. A huge part of these transactions were recorded in the past three days, with $6 billion movements coming on October 11 and $5.8 billion on October 10. 

The uptick in whale activity appears to be closely linked to ongoing developments within the Cardano ecosystem. According to a recent report from InputOutput, Cardano has remained a major hub for blockchain developers, especially following the recent node upgrades to v.9.2.0 and the subsequent v.9.2.1. InputOutput’s data reveals that by the end of September, there were 1,376 active projects being built on Cardano, underscoring its popularity among blockchain innovators. Additionally, during September, the number of minted native tokens grew by 80,000, while the total number of transactions on the network surged by 1.34 million.

ADA Price To Reach $0.5 Or Drop Again?

ADA’s price action has been under intense scrutiny in recent weeks, and sentiment among investors has been more negative than usual, especially on social media. Cardano’s creator, Charles Hoskinson, addressed this sentiment on social media platform X.

Hoskinson clarified that the negative outlook doesn’t reflect any failure on Cardano’s part, emphasizing that the project continues to grow. He also took the opportunity to criticize other crypto ecosystems, remarking that Cardano remains one of the few cryptocurrencies still committed to being a true decentralized currency, unlike those aligning with corporate giants like BlackRock and Wall Street.

Related Reading: Bitcoin Price Crash: $1.83 Billion Makes Its Way To Exchanges, Is A Bloodbath Coming?

Despite the pessimism, the ADA price has managed to hold a key support level at $0.33, which offers some relief to bullish investors. Additionally, on-chain metrics such as net network growth and positive momentum in the futures market suggest a more optimistic outlook. The recent uptick in whale activity could signal the beginning of a more sustained rise for the ADA price.

At the time of writing, ADA is trading at $0.354. The first target is a significant break above $0.40 before a return to $0.50.

Charles Hoskinson Defends Cardano

On Thursday, Charles Hoskinson addressed the adverse response towards Cardano in an X post. Hoskinson noted that the crypto community’s sentiment about the project has lately been more negative than usual.

However, he argued that Twitter’s sentiment change isn’t a reflection of the project failing “but rather the desired result of Voltaire.�Cardano’s “Voltaire�era is set to turn the network into “the most advanced blockchain governance system,�focusing on decentralized governance and its future sustainability.

Hoskinson believes that Cardano’s collaborative efforts and the transparency of the network is what sets it apart from the rest of the crypto space. “It’s why we are loathed by a lot of others. Their backroom deals and dirty tricks can’t be hidden because there is no one to ask to do it under the table,â€?he added.

In the post, the project’s founder also underscored Cardano’s “passion�for integrity and long-term vision for growth and progress:

Short-term thinking, market manipulation, and companies seeking a handout have no role or place here. That’s the difference that makes a difference.

Lastly, Hoskinson remarked that the project is not dying but “thriving and growing.�He that ADA is one of the last cryptocurrencies still wanting to be a real crypto instead of “the patron of Blackrock and Wall Street for number go up preferences.�/p>

ADA Could See A 10% Drop Soon

The crypto community reacted to Hoskinson’s message, with many arguing that, regardless of the developments, the Network’s “lack of volume�and “limited�ecosystem growth remains a problem for its community.

Meanwhile, part of ADA’s community agreed with Hoskinson, concurring that “it is the only chain that has truly built what I can only see as the groundwork to deliver on the promise of crypto.�/p>

Despite the ongoing criticism, some market watchers remain bullish about ADA’s future price action. Crypto analyst Dan Gambardello recently predicted that the cryptocurrency will “easily�reclaim the $1 mark before year’s end.

To Gambardello, the exponential surge “could happen fast�and leave many “flabbergasted.�Additionally, he stated that after the 200% surge, ADA’s potential targets of $5 and $10 would “look more realistic.�/p>

Conversely, crypto analyst Sebastian warned about a key level to watch for following ADA’s recent performance. Earlier this week, the analyst highlighted that ADA showed signs of a breakout after retesting the trendline it had recently broken above $0.35.

However, the cryptocurrency’s price dropped 2.9% in the last 24 hours, falling below the $0.34 mark. The analyst signaled that ADA must hold the current levels as failing to bounce from the $0.335 level could send the token to a retest of the $0.30 support level.

As of this writing, ADA is trading at $0.337, a 1.95% and 2% decline in the weekly and monthly timeframes.

Gambardello said that the move to a fully decentralized, community-owned blockchain is one of the most important changes that makes him more optimistic. This important change happened after the Chang Upgrade went live on September 1. Gambardello said that the update has strengthened Cardano’s base, making it a more stable and independent network. However, this is only one part of the story.

Cardano: 10x Stronger Than Last Cycle At This Moment.

Owned By Community IOG Burned Keys Hydra Scaling Higher Market Cap Position Massive Partnerships Unmatched L1 Security DeFi Ecosystem Survived The Bear As Top 10

�Dan Gambardello (@cryptorecruitr) October 6, 2024

Cardano’s Most Recent Advancements

One of the major steps that Cardano took to signify its full shift into community administration was the termination of its genesis keys. Leading this milestone adds another level of security and decentralization to the blockchain, thanks to the efforts of Input Output Global (IOG). According to Gambardello, these elements make Cardano’s network far more robust than it was in earlier cycles.

Furthermore, Cardano’s Hydra, a layer-2 scaling solution, extends the network’s appeal. Hydra’s objective is to enhance transaction throughput while simultaneously preserving high levels of security and decentralization. This solution could provide Cardano with a competitive advantage, particularly in its pursuit of dominating the competition with other top networks such as Ethereum, as scalability is a significant obstacle for many blockchains.

ADA Market Position

Cardano has also experienced a substantial increase in its market position. ADA rated 12th in the crypto market and had a market cap of $2.997 billion in 2020. At the time of writing, Cardano maintains a market capitalization of $12.64 billion. Despite recent underperformance, Cardano’s resilience during the 2022 and 2023 market decline has kept it in the top 10 for an extended period.

Meanwhile, with technical indicators suggesting a cautious outlook for investors, Cardano (ADA) is presently in a bearish territory in the market. By November 7, 2024, the price of Cardano is expected to climb by 16.86%, according to CoinCodex, to over $0.412024.

At 49, the Fear & Greed Index says traders are neutral even at this potential upward trajectory. The price volatility of Cardano had been at 5.70% with 60% positivity, boasting 18 out of 30 days in the green in the last 30 days. Based on these factors, many analysts believe that today isn’t probably the best time to make investments in Cardano.

Featured image from Pixabay, chart from TradingView