Why Cardano Is Going Up: What’s Next for $ADA

Why is Cardano Price Going Up Today: What’s Behind The $ADA Rally

ADA Hits $1.10 Amid Bullish Momentum

Cardano (ADA) continues its upward trend, surging 27% within 24 hours to reach $1.10 on Nov. 22. The token has seen remarkable growth, climbing 237% since Nov. 5. This bullish run propelled ADA to a 2.5-year high of $0.90 earlier this year, on April 22.

Crypto Market Follows Bitcoin’s Lead

ADA’s rally aligns with a broader crypto market uptrend, driven by Bitcoin’s approach toward the $100,000 mark. The total cryptocurrency market cap has increased by 1.5% over the last 24 hours and surged 48% in the past two weeks to $3.35 trillion.

ADA sees a spike in funding rates

ADA’s bullish price action on Nov. 23 is preceded by a jump in open interest-weighted funding rate. The chart below shows that ADA’s 8-hour OI-weighted funding rate increased to 0.0417% on Nov. 23.

Funding Rates and On-Chain Metrics Highlight ADA's Strength

The recent ADA rally was preceded by a rise in open interest-weighted funding rates, which hit 0.0417% on Nov. 23. According to CoinGlass, ADA's open interest jumped by 34% to $915.24 million, reflecting heightened market participation.

 Additionally, short liquidations worth $5.17 million added buying pressure, further fueling the upward trend.

What’s Next for Cardano?

ADA’s recent 237% surge mirrors past bullish cycles. The token now faces resistance at $1.25, with support strong at $1.00. Analysts suggest that if this momentum persists, ADA could target highs of $3.00.

A golden crossover between the 100-day and 200-day EMAs reinforces the bullish outlook, while the MACD indicator shows growing momentum, with bullish histograms and widening gaps between MACD and signal lines supporting further price increases.