- 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.
The post Cardano Breaks Bullish Pattern—Is $1.52 the Next Milestone for ADA? appeared first on Crypto News Land.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed