A naukri.com initiative
Cryptoticker
3d
87
Image Credit: Cryptoticker
Cardano (ADA) price surges 80%: What's Next?
- Cardano's price has surged 80% over the past 30 days, reaching a five-month high of $0.59 on November 11.
- The recent rally has been driven primarily by retail investors, according to on-chain data.
- The surge in price follows recent developments in US crypto regulations.
- Gary Gensler's resignation as SEC chairman has sparked hope among investors, including those who steered clear of Cardano in the past, fearing future regulatory battles.
- Charles Hoskinson, Cardano's founder, plans to work closely with the incoming Trump administration to create a solid regulatory framework for the cryptocurrency industry.
- An Input Output Global (IOG) policy division dedicated to crypto regulation will be established to influence key lawmakers and advocate for a clearer and more balanced approach to regulations.
- While currently driven by retail optimism, Cardano's price could continue to rise if the expected upcoming regulatory framework is favorable.
- However, Cardano remains down 81% from its all-time high, which raises questions about its ability to reclaim previous peaks, particularly in the face of significant competition from crypto giants like Bitcoin and Ethereum.
- In the short term, Cardano could experience some retracement, with its yearly inflation rate and overbought state adding some selling pressure.
- The larger question for long-term holders revolves around regulatory developments and whether they provide the necessary confidence boost to propel ADA price closer to its former highs.
Read Full Article
5 Likes
For uninterrupted reading, download the app