Cardano (ADA) experienced a notable price increase of over 8.50%, climbing to $0.363 on November 2. This surge occurred shortly after the conclusion of the Cardano Summit 2024 in Dubai, alongside positive U.S. employment data showing a low unemployment rate in October. The summit generated excitement due to major partnerships, including one between EMURGO and BitcoinOS to enhance Cardano's DeFi ecosystem. The favorable jobs report, indicating a steady unemployment rate of 4.1% and low job growth, bolstered expectations for interest rate cuts, contributing to a 'risk-on' sentiment that benefited ADA alongside the broader crypto market. Technically, ADA’s price rebound followed a test of a multi-month ascending trendline support, raising hopes for further gains. Analysts suggest potential price targets at $0.424 and $0.477, correlating with key moving averages and a significant long-term descending trendline. Investors are encouraged to conduct their own research given the market volatility.

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