Cardano Jumps 20% as Analyst Eyes Bitcoin Pullback to $40K to ‘Fill CME Gap’

Cardano Jumps 20% as Analyst Eyes Bitcoin Pullback to $40K to 'Fill CME Gap'

Cardano (ADA), one of the prominent cryptocurrencies in the market, experienced a significant price surge of 20% recently. This surge in ADA’s value caught the attention of crypto enthusiasts and analysts, with many speculating on the reasons behind this sudden price increase. While the crypto market is known for its volatility, several factors seem to have contributed to Cardano’s impressive performance.

One of the primary factors driving ADA’s price higher is the growing interest in decentralized finance (DeFi) and smart contract platforms. Cardano, often referred to as the “Ethereum killer,” offers a unique approach to smart contracts and DeFi applications. With its recent Alonzo upgrade, Cardano has made significant strides in becoming a robust and fully functional smart contract platform. This upgrade has opened the door for developers to build decentralized applications (dApps) on the Cardano blockchain, attracting attention from both developers and investors.

Another factor fueling Cardano’s rally is its strong and active community. Cardano has garnered a dedicated following of supporters who believe in its long-term potential. This community-driven approach has led to a surge in interest, as more individuals and institutions explore Cardano as a viable blockchain platform. As a result, the increased demand for ADA tokens has driven up their price.

Furthermore, market sentiment plays a crucial role in cryptocurrency price movements. The recent jump in ADA’s price may also be attributed to a broader positive sentiment in the crypto market. Bitcoin, the largest cryptocurrency by market capitalization, often sets the tone for the entire market. If Bitcoin experiences a significant price pullback, as some analysts are predicting, investors may seek alternative assets like Cardano as a hedge against Bitcoin’s volatility.

One noteworthy aspect of the recent market chatter is the reference to a potential Bitcoin pullback to $40,000 to “fill the CME gap.” This concept is based on the idea that Bitcoin futures trading on the Chicago Mercantile Exchange (CME) can create gaps in the price chart when the market closes over the weekend. Traders often look for these gaps to be “filled,” meaning that the Bitcoin price retraces to the level of the gap before continuing its trend. If such a pullback were to occur, it could lead to increased volatility across the cryptocurrency market, potentially benefiting ADA as traders seek alternative assets.

What’s next for BTC

While Bitcoin’s upward momentum paused, certain analysts raised the possibility of a retracement to revisit lower price levels.Bitcoin-focused analyst Willy Woo eyed a price level between $39,000-$41,000 based on a price gap in the Chicago Mercantile Exchange (CME) bitcoin futures market, which BTC might “fill” sometime in the future.


Cardano’s recent 20% price jump can be attributed to a combination of factors, including its Alonzo upgrade, a dedicated community, and positive sentiment in the crypto market. Additionally, the speculation surrounding a potential Bitcoin pullback to fill the CME gap has also contributed to the interest in ADA. However, it’s essential to note that the cryptocurrency market is highly speculative and volatile, and prices can change rapidly. Investors should conduct their research and exercise caution when participating in cryptocurrency trading.


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About Victor Dsouza

Victor Dsouza is Crypto Journalist. He is keen to write about crypto tokens, crypto presale, you can follow him on twitter and LinkedIn.

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