According to on-chain data, Cardano’s price continues to rebound in November, with support from ADA whales. The price of ADA reached its highest level in four months, jumping 3.35% to $0.339 on November 5. The weekly performance for ADA price is up nearly 17%, likely boosted by the Cardano Summit 2023. The overall market rebound, starting from October 19 when Grayscale Investments refiled its Bitcoin ETF application, has also contributed to ADA’s price rise of over 40%. The surge in whale transactions and a drop in daily active addresses suggest strong buying sentiment among Cardano’s richest investors. Additionally, Cardano’s total-value-locked (TVL) has reached a record high, indicating a healthy liquidity pool and attracting investors seeking higher incentives and rewards. Technically, ADA’s price successfully broke out of its falling wedge pattern, suggesting a potential rally up to $0.359 in November. It is important to note that this article does not provide investment advice or recommendations.
Summary:
– Cardano’s price continues to rebound in November, with support from ADA whales.
– ADA reached its highest level in four months, jumping 3.35% to $0.339 on November 5.
– The weekly performance for ADA price is up nearly 17%, likely boosted by the Cardano Summit 2023.
– The overall market rebound, starting from October 19, has contributed to ADA’s price rise of over 40%.
– Whale transactions have surged, indicating strong buying sentiment among Cardano’s richest investors.
– Cardano’s total-value-locked (TVL) has reached a record high, attracting investors seeking higher incentives and rewards.
– Technically, ADA’s price successfully broke out of its falling wedge pattern, suggesting a potential rally up to $0.359 in November.
– This article does not provide investment advice or recommendations.
