Following the announcement of the Federal Reserve’s interest rate decision, the altcoin market became volatile. The Fed held the interest rate steady for the third consecutive time, while signaling that there could be three rate cuts in 2024.
Led by Bitcoin, altcoins, particularly Cardano (ADA), entered a strong price increase cycle. ADA’s price rose by 18% in the last 24 hours, making it the best performer among the top ten cryptocurrencies. At the time of writing, ADA is trading at $0.6516.
Cardano’s ADA managed to shake off the selling pressure earlier in the week and reached an astonishing weekly gain of 47%. Additionally, the gains it has made since the beginning of this month have exceeded 65%.
Whales in the Cardano network are currently very active. According to data provided by the on-chain data platform IntoTheBlock, there was a significant increase in large transactions over the past 24 hours, exceeding $1.5 billion.
After dropping to $0.55 earlier in the week, Cardano’s ADA price quickly recovered from the selling pressure and showed a significant break from the resistance trend line, indicating an upward potential. If market conditions continue to remain favorable, the rally following the breakout is expected to continue, especially up to the $0.737 and $0.87 levels, potentially leading to a 35% growth.