ADA Price Breaks Out of Consolidation
An upside breakout from the triangle pattern has released the buildup of bullish momentum in Cardano’s price. However, the rising ADA price may face renewed supply pressure at the $0.457 mark. The intraday trading volume in the ADA coin indicates a 30% loss.
Cardano Gains Momentum
The Cardano price movement has been relatively flat for the past three weeks within a pennant pattern. However, from the beginning of December, the ADA coin started to gain momentum, coinciding with the broader market’s recovery. The ADA price broke out from the pennant’s resistance trendline on December 2nd, leading to a 2.7% increase in its price.
If the pattern fully materializes, the ADA price may target a 15% rise to approximately $0.475, followed by an extended recovery potentially reaching $0.556.
Whales Accumulation Rises
IntoTheBlock, a leading on-chain data provider, has recently projected a surge in large transactions within the Cardano network. This increase in large transactions typically signals heightened activity from institutional or large-scale investors, suggesting a growing interest or confidence in ADA’s long-term value.
- Exponential Moving Average: Despite the long consolidation, the 20-day EMA slope has continued to offer dynamic support to ADA price.
- Moving Average Convergence Divergence: A potential bullish crossover between the Mexican signal and would revise the recovery sentiment in the market.
Hot Take: Cardano (ADA) Price Poised for a Directional Rally
In November, Cardano (ADA) experienced significant volatility but has recently broken out of its consolidation phase. The technical chart formation suggests a more optimistic scenario for ADA’s price. With an upside breakout from a bullish pennant pattern and whales accumulating ADA, there is potential for a directional rally. However, the rising price may face resistance at the $0.457 mark. If the pattern fully materializes, ADA could experience a 15% rise and potentially reach $0.556. The long-term value of ADA is gaining interest from institutional and large-scale investors, indicating growing confidence in its future prospects.
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