Cardano price breaks out; popular crypto pro sees it hitting $10

Cardano price showed a strong uptrend on Wednesday, November 20, as the crypto fear and greed index rose and Bitcoin reached a record high.

Popular proof-of-stake cryptocurrency Cardano (ADA) rose to an intraday high of $0.830, pushing its market cap to nearly $30 billion.

This rally was driven by continued risk sentiment in the crypto market and was reflected in the fear and greed index rising to 84.

Bitcoin (BTC) has also climbed to a record high of $94,200 and analysts are optimistic that it could reach $100,000 as soon as this week.

Three key drivers of growth

First, November seasonality favors cryptocurrencies as it is historically the best-performing month for the asset class. According to Coinglass, Bitcoin achieved an average monthly return of 45% during this period.

Second, Cardano’s rally is fueled by optimism that the incoming Trump administration will be bullish on cryptocurrencies. Many are currently predicting that a spot ADA exchange-traded fund could be approved as early as 2025.

Thirdly, the Fed’s dovish tone, indicating that interest rate cuts will continue in 2025, increased risky assets.

These factors, combined with Solana (SOL) becoming increasingly expensive, have driven investors to more affordable tokens like Cardano. Additionally, both individual and institutional investors’ fear of missing out also contributed to the rise.

Analysts remain bullish on Cardano. Crypto analyst Beastlyorion, who has over 71,000 followers, predicted in an X post that ADA could reach $10 in the long run; this is a potential increase of 1,100% from the current level.

Cardano price analysis ADA price chart | Source: crypto.news

On the weekly chart, Cardano formed a double bottom pattern at $0.26 and is currently above $0.81, its highest level since March of this year. This breakout aligns with the ultimate resistance level of the Murrey Math Lines.

The cryptocurrency also broke above the 50-week and 25-week weighted moving averages, and the Relative Strength Index showed an upward trend.

Considering these factors, Cardano’s price is likely to continue rising; bulls target the 50% Fibonacci retracement level at $1.60; This is approximately 93% higher than the current price.