- Cardano could rally by 15% to reach the $1.24 level if it closes a four-hour candle above the $1.07 level.
- ADA’s Spot Inflow/Outflow data showed that exchanges have experienced a significant outflow of $203.2 million.
As a seasoned analyst with years of experience in the crypto market, I find the current state of Cardano (ADA) intriguing. After a week of sideways trading, ADA seems to be gearing up for an upward rally, breaking out from a bullish pattern.
Following a week of horizontal movement, the native token of the Cardano blockchain, Cardano [ADA], appears ready to surge. While it was holding steady during this period, it developed a favorable chart formation – a bullish pattern – and has since broken free from it.
“Additional reasons for ADA’s optimistic future view involve robust belief from traders and large investors in the token, as well as a favorable change in overall market opinion.
Cardano’s technical analysis and key levels
Based on AMBCrypto’s examination, the price trend of ADA appears to have surpassed the upper boundary of an inverted Head-and-Shoulders bullish pattern.
As a researcher, if Cardano (ADA) manages to break and close above the $1.07 mark during a four-hour candle, it’s likely we could witness a 15% surge, propelling ADA towards the resistance level of $1.24. Should this resistance level also be broken, there’s potential for an additional 25% increase, potentially driving the price up to $1.52 in the coming days.
In a optimistic viewpoint, ADA’s Relative Strength Index (RSI) indicates there’s still potential for the altcoin to increase in value. Currently, the RSI is at 60, which is below the overbought zone, making it an appealing prospect for both investors and traders.
Whale activity supporting ADA price surge
Apart from relying on technical analysis, traders, whales, and investors alike are actively engaging with the altcoin market, according to Coinglass’s recent reports.
According to Coinglass’s ADA Spot Inflow/Outflow data, there has been a substantial withdrawal of approximately $203.2 million in ADA from exchanges since November 23rd, 2024.
In the world of cryptocurrencies, when tokens start leaving exchange platforms, this trend is generally seen as a good sign. It suggests that large investors, or ‘whales,’ are moving their tokens into their personal digital wallets.
Rising open interest and bullish sentiment
In addition to increased whale behavior, there has been significant engagement from traders as well. According to Coinglass’s data, ADA’s Open Interest (OI) has significantly risen by 12.9% over the past day and an additional 3.75% in the last four hours.
As ADA’s increasing volume, substantial sell-off, and optimistic market trends suggest robust backing from buyers, there’s a high likelihood that its price will surge dramatically over the next few days.
Read Cardano’s [ADA] Price Prediction 2023-24
At press time, ADA was trading near $1.07, with a price gain of over 6.45% in the past 24 hours.
Yet, there was a 30% decrease in trading activity during that timeframe. This suggests fewer traders and investors took part as compared to the preceding day.
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2024-11-29 19:04