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Bitcoin Cash and Cardano have captured the market’s attention thanks to extraordinary performances in their price. Amidst impetuous rallies and technical analyses, both cryptocurrencies are showing positive signals, fueling hopes for new highs in the near future.
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Summary
Bitcoin Cash gains 35% in a month Cardano records a 180% increase in price
In recent months, Bitcoin Cash (BCH) and Cardano (ADA) have stood out among the cryptocurrencies, recording significant gains that have attracted the attention of investors and analysts.
The price movements and on-chain metrics indicate interesting prospects for both coins, outlining a bull scenario that could mark the beginning of new growth phases.
Bitcoin Cash, born in 2017 as a fork of Bitcoin, recorded an increase of 35% in the last month, with a surge of 12% on November 21.
Technical analysis highlights that BCH could further extend its gains, aiming for the peak of $569.10 in April 2024.
Active addresses, a crucial metric for assessing adoption and demand, have been in constant growth since August 2024.
This data, supported by Santiment’s reports, suggests that traders maintain high confidence in the token, creating a favorable context for a prolonged rally.
Furthermore, the ratio between the volume of daily transactions in profit and loss exceeds the value of 2, indicating that profitable transactions are double those in loss.
This reinforces an optimistic view for BCH, further supported by a positive funding rate on Binance since November 10, demonstrating a derivatives market bull-oriented.
Derivative traders also share this confidence. According to Coinglass data, the open interest on BCH futures has increased by 33%, while the trading volume of derivatives has grown by 613%, reaching 2.35 billion dollars.
These signals highlight a growing interest among institutional and retail investors, fueling expectations of further gains.
From a technical standpoint, BCH is currently in a consolidation phase between $272.70 and $568.20.
However, a daily close above the upper band could trigger a bull breakout, leading the token towards the next key resistances of $719.50 and $805.80.
The momentum indicators, such as RSI and MACD, support this view, showing positive signals for a continuation of the rally.
Cardano: an explosive growth with future potential
Cardano, one of the most innovative cryptocurrencies, has impressed the market with a 180% price increase in the last month. On November 23, ADA reached $1.12, the highest level in the last two years, before undergoing a slight correction to $0.88.
Despite the pullback, many analysts remain optimistic about the future of Cardano. The X user Mihir has identified a double bottom on the one-hour chart, suggesting that ADA could surpass $1.20 in the short term.
Other analysts, like Jake Gagain, have predicted a rally towards new all-time highs of $5 during the next bull cycle.
The rally of Cardano was supported by a significant increase in daily active addresses, which on November 25 reached the highest level since June 2023.
This data indicates a renewed interest in Cardano’s blockchain, fueled by the growing adoption of smart contracts and decentralized applications.
The evolution of Cardano as a global financial and electoral operating system, as stated by the founder Charles Hoskinson, further contributes to its growth potential.
The prospect of favorable regulations in the United States, expected for 2025, could represent an important catalyst for the next bull market.
Market outlook: what to expect for BCH and ADA?
Bitcoin Cash and Cardano are in different stages of their development and adoption, but they share promising prospects.
For BCH, surpassing the key resistance of $568.20 could pave the way for new highs, with investors closely monitoring on-chain indicators and profit metrics.
The growing activity in the derivatives market suggests strong institutional demand, a determining factor for supporting further gains.
For Cardano, the focus is on the adoption of its blockchain and the technological innovations that make it one of the most advanced platforms in the sector.
With the increase in active addresses and the interest of analysts, ADA seems ready for a new phase of growth, despite the short-term bull and bear fluctuations.