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Cardano (ADA) Builts Foundation For $1 Move, Near (NEAR) Price Explodes to Break $7, Mind-Blowing Ethereum (ETH) Rally Continues

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Tue, 12/03/2024 - 0:30
Cardano (ADA) Builts Foundation For $1 Move, Near (NEAR) Price Explodes to Break $7, Mind-Blowing Ethereum (ETH) Rally Continues
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Cardano has been constructing a solid base that could support its ascent toward the $1 mark, indicating a bullish trend on the horizon. The price analysis of ADA shows a resilient structure as it bounces between significant support and resistance levels, laying the groundwork for a potential surge.

At the moment, ADA trades near $0.79, showing resilience and a potential for upside movement. The local support level can be identified around the $0.58 mark, where the 50-day moving average has provided a reliable safety net during retracements. This level has consistently encouraged buying pressure, propelling the price upwards.

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ADA/USDT Chart by TradingView

On the resistance side, the $0.87 level is critical. It has previously acted as a barrier to further price ascents. A breakout above this resistance could signal a significant bullish momentum, possibly propelling ADA to the $1 target. However, this would require a considerable volume increase to sustain such a move, as resistance levels often gather sell orders that could halt upward movements.

Cardano’s DeFi ecosystem is showing impressive growth, attracting attention to ADA. This increasing interest in Cardano's DeFi capabilities could be a primary catalyst for the rally, as more investors and users join the network, attracted by its potential in the decentralized finance space. 

NEAR breaches another resistance

The Near Protocol (NEAR) has seen its value soar, breaking past the $7 mark in a remarkable price surge. This uptick is not just a solitary peak but rather a part of a sustained rally that reflects the active development work behind the scenes at Near and the prevailing market sentiment that is favoring time-tested cryptocurrencies.

Analyzing the price chart of NEAR, it's evident that the token has been on a steady ascent. After pushing past the $4.50 resistance level, NEAR experienced a swift rise, indicating strong buying interest and investor confidence. 

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The $4.50 level, which previously acted as resistance, could now serve as a local support, bolstering the price during any potential retracements.

The significant volume spike accompanying the rise confirms the enthusiasm in the market for NEAR. As the protocol continues to build and deploy effective solutions in the decentralized finance and application space, its ecosystem growth has been a considerable driver of the rally.

The current price action for NEAR indicates a bullish trend, with the token's value cutting through previous highs with relative ease. This upward trajectory is supported by solid fundamentals, including the platform's performance and scalability capabilities..

Ethereum stays dominant

Ethereum continues to captivate the cryptocurrency market with an impressive rally that shows no signs of abating. As the leading altcoin, it not only sets the pace for the altcoin industry but also serves as the main engine driving the current market rally.

Examining the price chart of ETH, we observe a remarkable upward trend. Ethereum has surged past multiple resistance levels and now trades around the $4,050 mark. As we dissect the chart, a key resistance level to watch is the recent high of approximately $4,200. If ETH can break through this point, there may be little resistance until the next psychological level of $4,500.

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On the support side, Ethereum finds strong backing at the $3,390 level, where the 50-day moving average lies. This moving average has historically acted as a dynamic support in uptrends, enabling Ethereum to gather momentum for subsequent rallies. Should there be a price correction, this level could be the first test of Ethereum's resilience.

There is a potential for a price reversal, as with any parabolic move, particularly if the market becomes overextended. However, Ethereum has not yet encountered major scalability issues that could dampen the rally, largely thanks to Layer 2 solutions (L2s) that have absorbed much of the demand that would typically strain the main network. 

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