Cardano (ADA) Price Hits 17-Month High With Whales Entering The Arena!

A morning star formed in Bitcoin with the 3.45% rise last night, and the altcoins mimic the price trend on a much larger scale. With Cardano, Avalanche, and Polkadot giving remarkable returns overnight, the ADA price tops the gainers list with a 15.57% jump. 

Crossing the 200W EMA and sustaining above the psychological barrier of $0.50, Cardano pops out as a strong bullish token this month. With a 72.61% jump in the last 14 days, ADA buyers are optimistic about the bullish Cardano price predictions for December 2023. 

Turning The On-Chain Tides

The remarkable rise in the intraday trading volume supports the ongoing run and reflects the rise in underlying demand. As per Intotheblock, on-chain analytics, the recent spike in large transactions hitting the $1.5 billion mark reflects the heightened interest in whales in the Cardano network.

Further, the ADA price enters the crucial zone between $0.64 and $0.84, as per the Global In/Out Of The Money(GIOM) indicator. As per GIOM, this range marks a critical juncture before the psychological mark of the $1 range. 

Moreover, almost 58% of wallet addresses holding Cardano(ADA) are now in the money, in short, profitable after the recent price surge. 

ADA Price Breakout Trend Exceeds $0.60

With the market cap of the eighth largest Cryptocurrency, Cardano, closing to almost $23 billion, it drives a fast-paced recovery mode. As buyers expect this trend reversal in ADA price to sustain and gain momentum, the altcoin may soon cross the $1 mark in early 2024. 

In the weekly chart, the ADA buyers reclaim momentum to pump the long-coming trendline breakout rally. After briefly sustaining above the 50-week EMA, Cardano hits the pedal to the metal and skyrockets 50% in a week, continued by the 9.41% rally this week. 

Further, this jump in ADA market value increases the likelihood of a golden crossover in the weekly chart as the bull run uplifts the 50-week EMA. 

The ongoing recovery leads the MACD and signal lines on a positive path following the recent crossover event. Gaining momentum with the rise in bullish histograms, the indicator reflects a growth in underlying demand for Cardano. 

Considering the ADA price sustains momentum, the buyers can breach the $0.70 level to reach the $0.84 mark, the 50% Fibonacci level.  On a contrary note, a reversal before $0.70, the downtrend can result in a dip in Cardano to $0.55.