Cardano’s (ADA) coin is trading at $0.2055 after ultra-soft intra-day gains helped the altcoin sustain above several moving averages. Cardano’s price bounced off the lower-tier Bollinger Band at $0.196, establishing a broader expansion of these mathematically-based envelopes.
Cardano’s Historical Structure Points To 1,100% Repeat
Typically, this implies incoming price volatility. Zooming out, the weekly charts provide a more bullish perspective, argues Javon Marks. The seasoned crypto market watcher explained why a 1,100% explosion towards $2.90 is plausible “if the altcoin scene aligns” with history.
Previously, Cardano’s (ADA) price showcased a similar structure in 2020, printing 4 lower-lows on the monthly Cardano charts before taking off for a rally towards the $3.10 all-time high (ATH). that was inked on September 2, 2021, and the OG altcoin is 93% behind that milestone.
Uncanny Copper Proposal Demands High Cardano Price
Cardano (ADA) holders are now being asked to approve a $5 million treasury investment in tokenized copper. However, that would literally require Cardano’s (ADA) price to reach a new all-time high (ATH), surpassing the $3.10 mark and scorching past $21 billion in market cap.
Not only that, Toto Finance asks 22 million in ADA tokens to buy COMEX Grade 1 copper cathodes. The remaining funds, roughly 33%, would cover storage, insurance, audits, technology development, oversight and administration costs.
This might be a difficult request to pass through, as the network’s growth relies on pure demand rather than speculative investments based on assumptions.
The number of active addresses on Cardano has also dropped to 13,973, with this also being a nearly two times drop from the October 8 high of 27,400.
Toto founder Monty Metzger said a bullish scenario involving 30% annual copper appreciation could generate approximately 69% growth over two years.
However, that outcome is hypothetical, and copper prices could break down. The proposal would store copper in an approved U.S. warehouse near New Orleans and represent each verified pound through a token called CuTT.
Judging from the current proposal approval rate, this one doesn’t have much realistic chance of getting the funding by the mid-November term. The crowd doesn’t seem to be convinced: some of ADA holders are even going the distance to advocate for refusing the proposal on CT.
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