- Per Brandt, ADA was ripe for the next leg higher after defending March peak.
- Strong whale accumulation could set ADA’s next bull run.
After hitting $0.8 in December, Cardano [ADA] appears to have found its local bottom. Since then, it’s seen a 34% increase over the last fortnight, thanks to the support it received. Remarkably, the price level of $0.8 was previously Cardano’s peak for March 2024. So far, Cardano has been successfully holding this position, suggesting a potential upward trend may continue.
In response to recent events, well-known trader and analyst Peter Brandt expressed his viewpoint that Cardano (ADA) could be primed for an extensive upward trend, having potentially established its March peak as a base.
“Alt season???? Make no doubt about it, Cardano $ADAUSD has bottomed for a grand bull market”
In many instances, when the price exceeds its prior high point and holds there, it often sparks a strong upward trend.
Significantly, should the anticipated rally adhere to a bull flag formation, the projected price could reach approximately $1.90, barely missing the $2 mark—representing a promising 72% increase.
Will whales drive ADA higher?
For the last seven days, there have been two digital wallets, each storing a significant amount of ADA cryptocurrency. One wallet contains between 100 million and 1 billion yellow ADA tokens, while the other holds between 1 million to 10 million red ADA tokens. Combined, these whale wallets currently hold approximately 9.4 billion ADA.
As a researcher examining the data, I’ve noticed that another group of whales (holding between 10 million to 100 million ADA coins) represents the largest accumulation, totaling approximately 11.94 billion ADA. Over the same timeframe, these whales have been steadily offloading their holdings.
The movement in price seems to mimic the pattern exhibited by large ADA (yellow) investors, categorized as ‘whales’ between 100 million and 1 billion. With their increasing purchases, it is possible that prices might rise further.
Following a surge that’s reached the resistance area around $1.12, there might be an incentive for speculative traders to take their gains. If this happens, Cardano (ADA) could momentarily dip to $1 or touch the trendline resistance before trying to break past the supply zone again.
If we experience a quick rise above current resistance levels, Cardano (ADA) might climb up to approximately $1.4. This prediction is derived from the ascending triangle pattern, which suggests that if this pattern breaks out bullishly, it could potentially reach $1.4. The $1.5 target then becomes more attainable as a result.
From a market standpoint, it’s evident that a significant number of traders on Binance are holding a positive outlook towards ADA, as indicated by the increase in long positions. Specifically, over the past two days, the percentage of long positions has risen from 66% to 77%, suggesting robust bullish sentiment towards this altcoin.
Read More
- TRB PREDICTION. TRB cryptocurrency
- RLC PREDICTION. RLC cryptocurrency
- TNSR PREDICTION. TNSR cryptocurrency
- POL PREDICTION. POL cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- CAKE PREDICTION. CAKE cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- DMTR PREDICTION. DMTR cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- CNY RUB PREDICTION
2025-01-17 12:07