After an impressive rally since early November, the Cardano (ADA) price has been retesting the upper border of a megaphone weekly chart pattern. The large-cap altcoin, with a fully diluted valuation of about $45.5 billion and a daily average traded volume of around $4.4 billion, retraced around 25 percent in the past three days to trade about $1.01 on Tuesday, December 10, during the mid-London session.
As a result of the heightened volatility, more than $24 million was liquidated from Cardano’s leveraged market in the past 24 hours, mostly involving long traders. Additionally, Cardano’s Futures Open Interest (OI) dropped by over 26 percent to hover around $832 million at the time of this writing.
What’s Next for Cardano Price
Amid the ongoing altseason, catalyzed by the crypto cash rotation from Bitcoin (BTC), Cardano has emerged as a whales’ paradise in the recent past. Having lost the support level around $1.2, where 93k addresses purchased more than 2.5 billion ADA, the altcoin must hold onto the support level around $1 to avoid further bleeding towards 81 cents.
According to crypto analyst Ali Martinez, Cardano’s price has been following a similar fractal pattern to the 2020/2021 bull cycle. As a result, the crypto analyst highlighted that ADA will remain in a buy zone even if it drops below 80 cents.
Furthermore, Martinez is confident that ADA price will reach a new all-time high in this bull cycle, thus has set a target range of between $4 and $6.
Curious about the future of Cardano’s price? Check out our Cardano price prediction for expert insights and stay ahead of the market!
Favoring Fundamentals
The recent rise of ADA is heavily bolstered by the victory of President-elect Donald Trump, whereby Cardano founder Charles Hoskinson has been working closely with the transition team to ensure crypto-friendly regulations.
The total value locked (TVL) on the Cardano network has risen to over $555 million and more than 54k daily active addresses.
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FAQs
According to our Cardano price prediction, the altcoin’s price could hit a maximum of $2.42 by the end of 2025.
At the time of writing, the price of 1 Cardano ADA token was $1.02
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