- ADA resilience and consolidation at the pivotal $0.75 level are paving the way for a significant bullish upswing, signaling strong market support.
- Crypto enthusiast Dan Gambardello’s analysis emphasizes ADA’s potential to achieve a remarkable surge to $1.5, contingent on successfully navigating through the Raising Wedge pattern.
Cardano (ADA) has recently caught the attention of investors and traders alike, as it gears up towards a significant interim milestone. The pivotal $0.75 level, once a formidable resistance, has now transformed into a robust support base, heralding a promising upswing in ADA’s price trajectory.
This transformation marks a notable shift in the market sentiment towards ADA, as the cryptocurrency demonstrates resilience and potential for growth.
Whale Activity and Retail Optimism: Fueling ADA Bullish Sentiment
The optimism isn’t just confined to market spectators but is palpable among whales and retail traders, who have shown an increased interest in ADA. Data from the last few days of February highlights a surge in ADA accumulation, with the top 100 addresses expanding their holdings.
This trend is complemented by a steep upswing in the supply among the top 1%, indicating a bullish stance among major investors. Such movements are emblematic of a broader consensus on ADA’s potential for upward movement.
This bullish sentiment was further buoyed by a remarkable 2.25% increase in ADA’s supply, accounting for approximately 60 million tokens in a single day. This surge is not only a testament to the whales’ confidence in ADA but also reflects a growing interest from retail traders.
The concurrent rise in unique ADA addresses underscores a widespread belief in the cryptocurrency’s bullish prospects.
Since the onset of the month, ADA has been meticulously consolidating around the $0.75 mark, a strategy that many believe is laying the groundwork for a potent bullish breakout.
This consolidation phase is viewed as a period of strength accumulation, poised to catapult ADA beyond the $0.8 threshold. Looking ahead, the longer-term outlook for ADA remains overwhelmingly bullish, with a potential milestone of reaching $1 within the month.
The weekly chart analysis of ADA reveals a clear trajectory towards the coveted $1 mark, with a critical resistance at $0.98 within sight. This bullish trend is anticipated to extend towards major resistance zones, situated between $1.187 and $1.24.
Technical indicators, including the Bollinger bands, exhibit an expansion reminiscent of the 2021 breakout, albeit with a lesser impact. Nevertheless, the patterns formed suggest a sustained ascending trend for ADA, with minimal bearish interference. For a deeper dive into these developments, a detailed explanation is available in this Youtube video.
The Technical Trajectory: Path Towards $1.5
Amidst these optimistic analyses, a tweet from crypto enthusiast Dan Gambardello has sparked further intrigue within the crypto community. Gambardello posits that ADA harbors the potential to skyrocket to $1.5, contingent upon a successful breach of the Raising Wedge pattern.
I see $1.50 ADA target 👀 pic.twitter.com/4eFFunm8Mf
— Dan Gambardello (@cryptorecruitr) March 11, 2024
This perspective not only amplifies the bullish outlook for Cardano token but also highlights the strategic technical maneuvers that could propel the token to new heights.
At the time of writing, the price of ADA has risen 2.13% in the last 24 hours, reaching a price of $0.7613. This represents an increase of 3.86% over the past 7 days.
Even though it appears to have bright prospects, Grayscale’s Dynamic Income Fund (GDIF) does not include Cardano crypto in its portfolio, as has been thoroughly reviewed in the previous ETHNews report.