Cardano (ADA) has made a wild move in the past few days and has gained notable attention from crypto enthusiasts, including whales and traders. Besides a significant upside rally in the past few days, the market sentiment suggests that this rally is poised to continue as Cardano’s ADA has room to soar.
This strong bullish outlook for ADA is likely driven by positive market sentiment, significant participation from traders and investors, and a favorable price action pattern.
Recent data from on-chain analytics firms Coinglass and IntoTheBlock report significant participation from traders and whales.
According to data from IntoTheBlock, Cardano whales holding $10 million worth of ADA tokens have increased their positions by 419.68%, with a 267% increase in the past week. This notable participation suggests a potential upside rally in the coming days and presents a perfect buying opportunity.
Meanwhile, ADA’s Open Interest (OI) has surged by 9.8% to $930 million, highlighting how traders are capitalizing on the current price action and market conditions, resulting in a rise in open positions.
According to expert technical analysis, ADA recently broke out from a strong resistance level at $1. Since then, it has been consolidating within a tight range between $1.02 and $1.10.The recent price action suggests that whenever ADA consolidates and subsequently breaks out, it tends to rally significantly.
Based on historical price momentum, if ADA breaks out of this consolidation zone and closes a four-hour candle above $1.14, there is a strong possibility it could soar by 30% to reach the $1.50 level in the near future. This time, however, experts anticipate a similar rally in the coming days.
At press time, ADA is trading near $1.06 and has registered a price gain of over 9.5% in the past 24 hours. During the same period, its trading volume jumped 30%, indicating heightened participation from traders and investors compared to the previous day.
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