Cardano’s native digital currency, ADA, has been creating a significant impact in the realm of cryptocurrencies. Despite encountering some skepticism, ADA has proven itself to be among the most robust cryptocurrencies with a high market cap. The trading price of Cardano stands at $0.3767, reflecting a 3% decrease in the last 24 hours and an additional decrease of 2.62% over the past week. The total market capitalization of Cardano is currently valued at $13.2 billion.
Ali Martinez, a seasoned expert in cryptocurrency trading, has suggested that Cardano is on the verge of validating a ‘head and shoulders’ pattern. This could trigger a significant breakout of 44%, potentially driving ADA’s price up to $0.60. The increasing interest in ADA is not confined to technical analysis and price forecasts. It’s also drawing the attention of major participants in the market.
#Cardano sits at a key demand zone between $0.37 and $0.38. Here, 166,470 wallets acquired 4.88 billion $ADA.
With minimal resistance ahead and solid support below, remaining above this zone could pave the way for $ADA to climb to new yearly highs. Still, watch out, as losing… pic.twitter.com/GDjhspFSVr
— Ali (@ali_charts) November 27, 2023
During the latter part of March and the beginning of April, substantial investors in the cryptocurrency market, often referred to as “whales,” were notably active. These whales managed to amass a significant 560 million ADA tokens, translating to a considerable value of $218.4 million.
A Combination of Whale Activity and Santiment Insights Suggest a Potential Rally for ADA
Cryptocurrency analyst Michael van de Poppe believes that if buyers maintain their position above the crucial 50-day moving average, they could potentially instigate a market rally. Van de Poppe identifies a potential upward catalyst at $0.55, where a retest could lead to a breakout, establishing new resistance levels between $0.66 and $0.70. Should this breakout occur, the analyst anticipates a 20% market rally by the beginning or mid-December.
Santiment, a market intelligence platform with on-chain & social metrics for cryptocurrencies, announced a Cardano (ADA) development that usually precedes price spikes. This could be a bullish signal for ADA, suggesting the end of the token’s bear market.
💸 #Bitcoin traders are profit taking, as growth in existing wallets with more than 0 $BTC has slowed. Meanwhile, #Dogecoin wallets are surging and #Cardano wallets are dropping in number. Drops are a sign of capitulation, often foreshadowing price jumps. https://t.co/YXdnA9vo4I pic.twitter.com/jF5VaWEL9n
— Santiment (@santimentfeed) November 27, 2023
In conclusion, Cardano (ADA) shows promising signs of a potential breakout. With strong market indicators and increased interest from large holders, ADA could hit a new yearly high before the end of 2023.
