- Cardano will surge in price towards $0.49 zone resistance due to the growing bullish momentum.
- Metrics show a bullish growth trend due to increased whale activity.
Cardano [ADA] The price of bitcoin has been consolidating symmetrically in the last 3 months. Price is at an important support level of around $0.44. Buyers are pushing the price upwards at this level in order to prevent further price drops.
The price will rise if the pressure to buy is high enough Cardano If the price is above the Bollinger moving average line then it’s likely that the price will surge up to the resistance level of the symmetrical triangle, which has already been reached twice over the last three months.
However, if the buying pressure is not enough to surge the price above the moving average, the bearish pressure is likely to breakdown the support level at around $0.44 and drop further to retest the next Resistance in line is around $0.42
The Stochastic RSI at 1.9 indicates an oversold in the market signaling a bullish momentum.
According to this article, coinmarketcapCardano’s current price is $0.44, which represents a 0.04 percent increase over the past 24 hours. It also indicates a 3.44 percent decrease during the previous 7 days.
Market volume is 35.7 billions ADA, a 1.62% rise in the past 24 hours.
Cardano whales are moving in
AMBCypto has conducted an analysis that shows Santiment ADA social data showed several spikes at the beginning of June, in late March, and mid-April.
The peaks in ADA price indicate periods when ADA is a subject of increased social activity.
The total supply on profit shows a downward trend for the past three months. Whales who hold a total supply of more than $5,000,000 have seen a steady increase in the past three months.
This indicates a whales strategic position in future options for purchase.
Over the past 3 months, a combination of increasing spikes in social activities and decreasing profits for ADA holders combined with an increasing accumulation by large investors has created a potential buying zone. This could lead to a build-up of pressure that would push the symmetric triangle level of resistance.
Click Here to Read Cardano (ADA) Price Prediction 2024-25
AMBCrypto further analyzed Long/Short Ratio data from Coinglass and data indicated a significant volatile market with frequent shifts in the market sentiment.
Investors actively buy and sell without taking control. Whale activity could shift the market upwards from the bullish momentum.
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Source: ambcrypto.com