- ADA is surging alongside the market, boosted by Jerome Powell’s dovish stance on QE.
- ADA is up 2.25% in the last 24 hours, with a $2.10B trading volume and $25.88B market cap.
- Whales acquired 50M ADA tokens in 48 hours, signaling strong institutional confidence.
- Experts forecast a 264% upside, with a potential price target of $2.7709.
Cardano (ADA) is experiencing a strong rally, riding the bullish wave alongside the broader crypto market. A key catalyst behind this surge is the recent statement from Federal Reserve Chairman Jerome Powell, who announced a significant reduction in Quantitative Tightening (QT) and hinted at a gradual return to Quantitative Easing (QE) levels. This dovish stance from the Fed has sparked optimism across the markets, creating a favorable environment for cryptocurrencies like Cardano.
As the overall market enters a bullish phase, Bitcoin’s price movement is acting as a driving force, propelling altcoins like ADA to recover from recent losses. This positive momentum is expected to continue, with analysts pointing to a promising future for Cardano’s price trajectory.
At the time of writing, Cardano’s price stands at $0.734644, marking a 2.25% increase in the last 24 hours. The cryptocurrency has a 24-hour trading volume of $2.10 billion and a market cap of $25.88 billion. These figures indicate strong investor interest and growing confidence in ADA’s future potential.
Whale Activity Signals Bullish Confidence
A notable bullish factor for Cardano is the recent surge in whale activity. Over the past 48 hours, whales have acquired more than 50 million ADA tokens, signaling strong institutional confidence. This level of accumulation further supports the notion that Cardano could be poised for a substantial upward movement.
Cardano’s Bullish Trend Could Lead to 264% Upside
Crypto expert Javon Marks recently highlighted that ADA is holding another set of higher lows, a pattern that has historically led to significant price increases. He suggested that a potential price target of $2.7709 is in play, representing a +264% upside from its current level. Given the current market dynamics, this price target appears achievable, with further bullish movements expected.
Looking back at Cardano’s previous performance during bull runs, higher price levels like $7.82 are not out of the question, reinforcing the optimism surrounding ADA’s future prospects. As Cardano continues to show strength, it remains one of the top altcoins to watch in the coming months.
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