ADA Analysis: Cardano Surges 32% This Week As Experts Predict Major Bull Rally – Will It Hit $1 Or Is This A Better Alternative?
Cardano has seen an impressive 32% surge since Monday after climbing from a low of $0.465 to reach as high as $0.617 yesterday. The cryptocurrency is now trading at $0.585.
The five-day market performance means that Cardano ($ADA) has officially outperformed Bitcoin during the SEC ETF approval week, which saw the number-one-ranked cryptocurrency climbing as much as 14% from low to high.
The impressive surge is largely attributed to a spike in developer activity and fund inflows as influencers in the sector suggest a bull run is incoming for the layer-1 blockchain.
Meanwhile, traders are also focusing on a meme coin that aims to deliver the first 100x surge in 2024.
What you'll learn 👉
Cardano Sees 25% Surge As Development Activity Spikes.
Cardano is now up by an impressive 25% from the Monday lows as it trades around $0.585 at the time of writing.
Like most altcoins, $ADA saw an impressive surge in December as it exploded by over 80% to reach the $00.68 high throughout the month.
Unfortunately, it met resistance at the June 2022 highs at $0.67 and started to trade sideways through the end of 2023.
In 2024, $ADA started the year downward, dropping as low as $0.462. Fortunately, it has since recovered with this week’s massive 32% surge, and experts are now suggesting a bull run is incoming.
The price surge has primarily been attributed to a rise in developmental activity and fund inflows.
According to a report from CryptoDiffer, Cardano has outpaced the development activity of all of its top competitors, hinting that something big is coming;
Furthermore, a CoinShares report shows that over $3.7 million in inflows were introduced to Cardano in the first week of 2024. This is substantial, considering Cardano only witnessed $14 million in inflows for the entire 2023 period.
Where’s The Resistance to $1 as Experts Predict Major Bull Run
As a result of the sudden optimism in the Cardano ecosystem, experts are starting to predict a major bull run for $ADA. For example, Darren, an influencer with over 75,000 followers is suggesting that this week’s surge is just the start of an epic bull run;
Another trader with over 400,000 followers stated that a strong ADA season is incoming;
With experts predicting bullish pressure, many wonder where the resistance is on the way toward $1.
Looking ahead, the first resistance levels beyond $0.6 lie at $0.65 and $0.67 (June 2022 highs).
If the buyers continue above $0.7, added resistance lies at $0.763 (1.272 Fib Extension), $0.816 (bearish .5 Fib Retracement), $0.87 (1.618 Fib Extension), and $0.917 (May 21 lows).
If $ADA can clear these levels, it will be free to make an attempt at $1.
Spongebob Token ($SPONGE) Sees Traction As Staked Assets Approaches $4 Million.
While $ADA sees bullish optimism, traders are also turning their attention to a successful meme coin that is launching its V2 for another 100x run in 2024.
$SPONGE has already attracted a whopping $4 million in staked assets as traders position themselves to get $SPONGE V2 in time for the re-launch.
The sheer amount of staked assets demonstrates the building hype behind this V2 upgrade as investors look for exponential gains.
$SPONGE was one of the biggest stories in 2023, producing a 100x return for early adopters as it surged to a $100 million market cap level.
Now, the project is back and better than ever with its V2 upgrade to reproduce the 100x run.
The V2 upgrade is no ordinary presale. Instead, those looking to participate need to stake their V1 $SPONGE in the stake-to-bridge utility to earn an equivalent amount of $SPONGE V2, ensuring a fair distribution.
If you don’t already own V1 $SPONGE, you can buy and stake it directly on the project’s website.
All V1 $SPONGE locked in the staking contract will be permanently locked to help the transition to the V2 upgrade.
Once the staking period ends, all participants can collect their V2 $SPONGE from the project’s website.
The $SPONGE team has already proven themselves successful in 2023 and is back to provide the first 100x return in 2024, making this an opportunity you don’t want to miss.
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