- ADA breaks a bullish pattern, signaling potential for a price surge to $1.52.
- Whale activity and rising Open Interest suggest strong market confidence in ADA’s upward movement.
- Technical analysis points to key resistance levels, with $1.52 as the next potential target.
Cardano (ADA) is showing signs of a potential breakout after a week of sideways trading. During this time, ADA formed a bullish pattern that signals an upside rally could be near. Positive market sentiment, combined with rising confidence from traders and whales, could send ADA to new highs. The question is whether ADA can break past resistance levels and hit $1.52.
Cardano’s Technical Outlook: A Bullish Breakout
ADA has broken out of an inverted Head-and-Shoulders pattern, a key chart formation that often signals a price surge. If ADA manages to close a four-hour candle above $1.07, the token could rally 15%, targeting $1.24 next. If ADA pushes past that resistance, a 25% gain to $1.52 becomes a real possibility.
The Relative Strength Index (RSI) confirms the bullish outlook. The RSI sits at 60, leaving plenty of room for further growth before reaching overbought levels. This suggests that ADA could attract more traders and investors looking to profit from the move.
Whale Activity and Growing Market Sentiment
Whale activity plays a crucial role in supporting ADA’s price action. According to Coinglass, over $203 million in ADA tokens have flowed out of exchanges since November 23, 2024. In crypto, outflows from exchanges are seen as a positive sign.
Alongside this, ADA’s Open Interest (OI) has risen by 12.9% in the last 24 hours, suggesting more traders are getting involved. A smaller increase of 3.75% in the past four hours signals growing participation. This mix of whale support, increasing Open Interest, and bullish price action suggests ADA could see strong upward movement soon.
As of writing, ADA is trading near $1.07, with a 6.45% gain in the past 24 hours. However, trading volume has dropped by 30% during the same period. This suggests a temporary dip in participation, but ADA’s solid fundamentals make a move to $1.52 look promising in the near future.
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