Cardano price prediction – Why ADA can gain 45% this week

The Cardano price prediction mirrored the early 2021 pattern.
Should the correlation hold, an extra 45% could be likely by the end of November.

As a seasoned crypto investor with memories of the 2021 bull run still fresh in my mind, I find the current Cardano [ADA] price action remarkably reminiscent of those early days. The rapid +200% surge over the past three weeks has brought ADA back to the $1 level, a sight not seen since 2022. If history repeats itself, we could be in for an extra 45%, pushing ADA to $1.5 by the end of November.

Cardano’s [ADA] price action mirrored the early 2021 pattern, which could yield over +45% if the trend plays out this week. The altcoin’s +200% upswing in the past three weeks has pushed it to $1, a level last seen in 2022.

Will ADA’s 2021 pattern extend?

Viewing the broader picture of a week-long timeline, Cardano’s (ADA) surge towards the $1 to $1.5 range mirrored its price behavior in 2021.

Around the beginning of 2021, the value of ADA jumped from $0.3 to $1 within just three weeks. This time frame is comparable to its recent 200% increase.

In the 2021 trend, ADA experienced an additional 45% surge, reaching $1.5, then stabilized for about three months, and subsequently broke out to reach $2.4.

If the current trend holds up, we might see ADA increasing by approximately 45% to reach around $1.5 within this week, followed by a period of price stabilization.

Currently, at the end of this week’s trading period, the candle has finished higher than $1, reinforcing the positive sentiment, while the broad price movement in 2021 continues to strengthen the bullish trend.

As per the Stochastic RSI reading, the strong price momentum also supported the bullish outlook.

Moreover, the On Balance Volume (OBV) supported our hypothesis, yet it needed to surpass the March high point to provide additional space for further expansion.

If ADA falls below $1, it would contradict the bullish perspective and potentially pull the price down towards the supportive range of $0.7 to $0.8 (strong buying interest, light cyan).

Mixed whale signals

Over the weekend, two significant groups of whales (large investors), one with 1 million to 10 million ADA and the other with 10 million to 100 million ADA, displayed a blend of positive and negative indicators.

Starting from the 20th of November, the controlling entity (with around 34%) has been decreasing its presence or exposure. However, at this point in time, it appears they have shifted back into a phase where they are acquiring more, as suggested by the slight upward trend on the yellow line.

On the other hand, some of the initial holders who had 1 million to 10 million ADA tokens chose to sell following last week’s intense buying surge. This split action by the “whales” might indicate a less optimistic outlook for Cardano’s upcoming price trend.

Read Cardano [ADA] Price Prediction 2024-2025

As a crypto investor, I’ve noticed that there’s been an overwhelmingly optimistic sentiment towards the altcoin. Interestingly, Binance‘s leading traders have taken up almost 70% of the total net long positions, indicating their strong bullish stance on this digital asset.

The future direction of the altcoin might depend on Bitcoin‘s [BTC] influence over the market. An increase in Bitcoin’s dominance could potentially dampen the price of ADA, causing it to fall back, or conversely, a decrease in Bitcoin’s dominance might suggest a positive trend for ADA.

2024-11-26 13:13

Will ADA’s 2021 pattern extend?

Mixed whale signals

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