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Cardano (ADA) Pumps 85% to $0.60, Erases Six Months’ Loss in Just Five Days – Is $10 Next?

Cardano (ADA) Pumps 85% to $0.60, Erases Six Months’ Loss in Just Five Days – Is $10 Next?

CoinEditionCoinEdition2024/11/09 16:00
By:Abdulkarim Abdulwahab
  • Cardano (ADA) surges 35% in 24 hours, reaching an intraday high of $0.5943.
  • The token has erased six months of losses in just five days, reclaiming its spot in the top 10 cryptocurrencies.
  • Analysts predict ADA could rally to $6–$10 during the current bull market.

As the bull market frenzy intensifies, Cardano (ADA) is staging a powerful comeback, capturing attention as a previously underperforming crypto asset. 

Today, Cardano is making a confident attempt to reclaim the $0.60 level for the first time in seven months since it lost that region. Specifically, ADA has reached an intraday high of $0.5943, a price level not seen since April 8.

This surge comes as Cardano has pumped aggressively by over 35% in the last 24 hours alone, coinciding with Bitcoin’s unprecedented rally above $79K. Notably, just six days ago, ADA traded as low as $0.3214. With the intraday high at $0.5943, Cardano has experienced a dramatic surge of approximately 85%.

Before this latest turnaround, ADA was among the worst-performing assets in the top rankings. It had dropped over 65% from its yearly high during the post-Bitcoin halving consolidation. Now, Cardano is back in the top ten rankings, reclaiming the ninth spot from Tron (TRX) amid its consecutive days of price gains.

Cardano Clears Six Months of Losses in Just Five Days

Prominent pro-Cardano analyst Dan Gambardello has highlighted the ongoing development around ADA, adding further insight into the situation. 

In a post on X today, Gambardello pointed out that ADA has regained in just five days the losses accumulated over the past six months, which had frustrated many holders. Critics like Real Vision CEO Raoul Pal had even declared ADA “dead” during this period.

Given Cardano’s recent performance, Gambardello reminded investors that “crypto is a game of patience.” 

While ADA was underperforming the bull market weeks ago, he noted that the behavior was consistent with its historical trend of lagging behind Bitcoin before following its lead. Gambardello had predicted in late October that ADA’s uptrend would begin in November, a forecast that is now materializing.

What’s Next for ADA?

At its current price of $0.59, ADA is still approximately 80% down from its all-time high of $3.10. However, analysts like Gambardello and Ali Martinez expect ADA to rally to as high as $6 to $10 during this bull market season.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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