After a prolonged two-week period of narrow consolidation, ADA, the native token of the Cardano blockchain, is poised for notable upside momentum due to a bullish price action pattern. However, since the beginning of December 2024, ADA has experienced a significant price correction. It has consistently faced resistance from a trendline and has witnessed a price decline of over 42%.
During the same period, it appears that long-term holders and whales have significantly accumulated the altcoin, as it seems to be at a discounted level, according to the on-chain analytics firm Coinglass.
This aligns with recent trends, where traders have been keeping a close eye on ADA’s key levels, especially following its correction, to assess potential buying opportunities.
If we look at what long-term holders have done over the past seven days, data from ADA’s spot inflow/outflow reveals that exchanges have witnessed an outflow of a significant $37.18 million worth of ADA. This metric indicates that long-term holders have accumulated these substantial tokens during the price consolidation.
Apart from this, the sentiment currently seems to be shifting towards an uptrend, and ADA has witnessed a price surge of over 15% in the past 48 hours.
Wondering where Cardano is headed? Read Cardano price prediction to discover the next big move in this dynamic crypto!
At press time, ADA is trading near $0.96 and has experienced a price rally of over 8.5% in the past 24 hours. This price surge has resulted in a breakout from the prolonged consolidation and trendline that the altcoin has been facing since the beginning of January 2024.
The breakout and notable price surge have attracted significant participation from traders and investors, leading to a 160% increase in trading volume over the past 24 hours.
Following all these activities and price performances, CoinPedia’s technical analyst suggests that ADA is bullish and could soar by 30% to reach the $1.26 mark in the future. However, this bullish outlook and upside momentum will only hold if the altcoin closes its daily candle above the $0.98 mark, otherwise, it may fail.
On the positive side, ADA’s Relative Strength Index (RSI) currently stands at 52.65, which is below the overbought area. This indicates that the asset has enough space to continue its upside momentum.
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