Cardano (ADA) Leads Top Gainers as Bitcoin Eyes New Highs, Several Altcoins Poised to Tap Upside Momentum

Cardano (ADA) is up 15% in the past 24 hours to lead top gainers among the 100 largest crypto coins by market cap.

Cardano (ADA) led top gainers among the 100 largest crypto coins on Friday, November 8, 2024, as crypto prices rallied.

ADA price jumped from a low of $0.32 on Monday to a high of $0.45 on Friday. The token’s pump since Donald Trump’s election saw it gain by 27% in the past week and it traded 15% higher in 24 hours at the time of writing.

Cardano (ADA) price is now up by 45% in the past 30 days and it ranks seventh with a market cap of 44.8 billion ADA.

However, ADA price is still down 42% year-to-date and a long way from its all-time high of $0.78, which was last attained in March.

But ADA price seems poised to turn the corner as several altcoins prepare for altseason.

Cardano’s performance in 2024 has been largely influenced by the Vasil hard fork in September, which was aimed at improving Cardano’s scalability, performance, and cost-effectiveness.

The upgrade, which was touted as one of the most significant in Cardano’s history, was expected to pave the way for increased decentralized application (dApp) development and adoption on the Cardano blockchain.

However, ADA price reacted differently to the Vasil upgrade as it dropped in the days leading to the event and then surged after the hard fork.

But the ADA price rally was short-lived as it began to correct the gains in the following weeks.

Despite the correction, ADA price managed to stay above the key support level of $0.30, which was last breached in June.

Cardano (ADA) price technical analysis

ADA price seems to have found support at the 100-day moving average, which is now around the $0.30 level.

If ADA price manages to hold above this moving average, it could continue to rally towards the 50-day moving average, which is now around the $0.35 level.

A break above the 50-day moving average could open the door for a rally towards the 200-day moving average, which is now around the $0.40 level.

On the downside, a break below the 100-day moving average could send ADA price down towards the 20-day moving average, which is now around the $0.25 level.