World Crypto Global Official Site | cardano rally

Author: Keshav Verma

Cardano (ADA) To Break $8 In Bull Run: Analyst Predicts Timeline

An analyst has explained that if history repeats for Cardano (ADA), its price could break $8. Here’s when this might happen for the asset. Cardano Has Been Mirroring Past Price Pattern Recently In a new post on X, analyst Ali has discussed a potential breakout happening in the weekly price of Cardano. ADA has appeared to have surged above a long parallel consolidation channel in this latest breakout. Related Reading: These Are The Altcoins Drawing Whale Interest, Santiment Reveals Below is the chart shared by the analyst that shows this recent pattern in the price of cryptocurrency. The pattern that the ADA weekly price has been displaying recently | Source: @ali_charts on X As the graph shows, ADA had been moving inside a parallel channel until the recent surge toward the upside came. In technical analysis, a “parallel channel” refers to the region enclosed by two parallel trendlines. This pattern forms when the asset trades sideways inside a specific range. The upper line of the channel can be a source of resistance for the asset; thus, reversals towards the downside can likely take place after retests of it. Similarly, the lower line can be a probable point for bottoms to take form. However, breaks out of either of these lines imply a potential strong continuation of the trend in that direction. This means an escape above the channel can be a bullish signal for the price, while a drawdown under it can be a bearish predictor. During 2019-2020, Cardano was also stuck in consolidation inside a parallel channel similar to the one witnessed recently, as Ali highlighted in the chart. In this previous period, the cryptocurrency had eventually managed to break above the channel, leading to the 2021 bull run. In total, the asset enjoyed a rally of 3,200% back then. The coin’s trajectory inside the latest channel ended up being similar to that one, and recently, the ADA price has also broken beyond the channel in a fashion that has been reminiscent of the break of the previous one. After the previous break, the coin rallied for a bit and then returned to retest the upper level of the channel, which has been repeated this time as well. The difference this time, however, is that Cardano appears to be heading up now, which took a bit more time to happen last time around. Related Reading: Bitcoin Signal That Has Held Since December Says Its Time To Sell “The Cardano breakout may come earlier than expected!” notes the analyst. “Still, if history repeats itself, we are anticipating ADA to rise to $0.80, retrace to $0.60, and then enter a bull run toward $8 by January 2025!” If the cryptocurrency follows this path set by history, the rally toward the $8 level would mean a total uplift of more than 1,200% from the coin’s current price. ADA Price Cardano has enjoyed a surge of more than 11% in the past week and has risen to the $0.60 mark. Looks like the price of the coin has been rapidly moving up in the last few days | Source: ADAUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com

View Details

Cardano Holds Crucial Support At $0.77 Massive Rally Ahead?

Author: Sebastian Villafuerte

United Kingdom

Source: NewsBTC

Dec 31, 2024 12:05

Cardano Holds Crucial Support At $0.77 Massive Rally Ahead?

Cardano (ADA) has faced a challenging period, experiencing a sharp 42% correction since reaching a multi-year high of $1.32 in early December. This significant decline reflects the broader market uncertainty, with increased selling pressure and cautious investor sentiment weighing heavily on ADAs price. Despite this, on-chain data suggests a shift in dynamics, hinting at a potential recovery for the embattled cryptocurrency. Related Reading: Bitcoin Whale Moves 8,000 BTC Aged 5-7 Years What Happened Last Time Top analyst Ali Martinez has highlighted key metrics indicating whale accumulation in recent weeks, adding a layer of optimism to ADAs outlook. According to Martinez, Cardanos most significant support zone lies between $0.77 and $0.68, a range that has been consistently respected by the market. This support has proven crucial in stabilizing ADAs price, providing a base from which a recovery could materialize. The sustained interest from large holders signals confidence in ADAs long-term potential, even amid short-term volatility. As Cardano continues to defend critical support levels, market participants are watching closely for signs of a breakout. With whale activity increasing and technical indicators aligning, Cardanos next moves could redefine its trajectory, offering a glimmer of hope in an otherwise challenging environment. Cardano Setting The Stage For A Move Cardano has faced a sharp downturn following its explosive rally in November, entering a phase of deep correction that rattled investor confidence. Despite the recent pullback, ADA appears to be finding stability as it consolidates above critical support levels, sparking renewed optimism for a potential rebound. Prominent analyst Ali Martinez recently shared a technical analysis on X, identifying Cardano’s most significant support zone between $0.77 and $0.68. According to Martinez, ADAs price action has closely respected this range, reinforcing its importance in preventing further declines. Should ADA continue to hold above this level for a few more days, the groundwork for a strong recovery could be laid, potentially reversing the bearish trend. Adding to the positive outlook is the behavior of large market participants. On-chain data reveals significant whale activity during this consolidation phase, suggesting that major investors are taking advantage of the lower prices to accumulate ADA. This pattern of accumulation often signals growing confidence in a projects long-term potential, even in the face of short-term price volatility. Related Reading: Dogecoin Whales Bought Over 90 Million DOGE In 48H Details As ADA holds its ground above the crucial support zone, market participants eagerly await a breakout. If a sustained rebound occurs, it could position Cardano for a powerful rally, reclaiming recent losses and potentially testing new highs. Price Action: Key Supply To Test Cardano is currently trading at $0.87, grappling with increased selling pressure that has kept its price subdued. Despite the challenges, ADA has demonstrated resilience by holding above key support levels, indicating that buyers are still active in the market. However, the next few days will be crucial for determining its direction. A significant price milestone lies at the $1 mark, which has acted as a psychological resistance level in recent weeks. If ADA can successfully reclaim $1 with strong volume and momentum, it could pave the way for a massive rally. Such a breakout would likely see ADA targeting its yearly high of $1.32, a level last reached during its impressive November rally. Clearing this resistance would signal renewed bullish sentiment and potentially attract additional buying interest. Related Reading: A 20%-30% Correction Is The Most Bullish Thing That Could Happen To Bitcoin Analyst On the downside, the risk of a deeper retracement remains if selling pressure intensifies. ADA could test lower demand zones around $0.75, which aligns with historical support levels. This scenario would likely lead to a period of further consolidation as the market seeks equilibrium. For now, ADA remains at a crossroads, with both opportunities for recovery and risks of further downside in play. Featured image from Dall-E, chart from TradingView

View Details

Cardano Outperforms Market With 50% Surge: Heres Why

Author: Keshav Verma

United Kingdom

Source: NewsBTC

Nov 22, 2024 12:05

Cardano Outperforms Market With 50% Surge: Heres Why

Cardano has outperformed most of the market with a sharp 50% rally during the past week. Here’s what’s driving this run, according to on-chain data. Cardano On-Chain Metrics Have Lit Up Recently According to data from the on-chain analytics firm Santiment, a couple of activity-related metrics have spiked for ADA recently. The indicators in question are the Transaction Volume and the Whale Transaction Count. The first of these, the Transaction Volume, keeps track of the total amount of Cardano that’s becoming involved in transfers on the blockchain every day. This metric basically tells us whether the ADA investors have a high interest in trading the coin or not. Related Reading: Bitcoin Is About To See A Historically-Profitable Crossover In This Metric Whereas the Transaction Volume is a general metric, the Whale Transaction Count provides information about the activity level of only a specific investor group: the whales. As the metric’s name implies, it measures the total number of transfers that these humongous investors are making on the network. More formally, it specifically tracks the transactions carrying a value of more than $100,000. Now, here is a chart that shows the trend in the Transaction Volume and the Whale Transaction Count for Cardano over the last few months: As displayed in the above graph, both of these on-chain indicators have shot up for Cardano recently, which implies activity across the board has risen on the network. This recent spike in activity has coincided with ADA’s sharp rally, which has put the cryptocurrency at impressive gains of more than 50% over the past week. Given the timing, it’s likely that the increased interest from the investors has played a role in the price surge. At present, the weekly Transaction Volume for Cardano is sitting at around $52 billion, which is a 7-month high for the metric. Similarly, the Whale Transaction Count has a value of 8,900, the highest in 6 months. From the chart, it’s apparent that ADA also saw a simultaneous surge in these metrics back in June. This previously elevated level of activity led to a 26% increase for the coin. Related Reading: Bitcoin Hashrate Falls Off, Miners Expecting Pause In Bull Run? Something to note, however, is that this last activity spike occurred alongside a bottom for the coin, while the recent one has come as the asset has been rallying. The current high interest in Cardano could certainly act as more fuel for the rally, but it could also very well turn into a profit-taking storm as investors’ gains balloon up. It only remains to be seen which scenario would follow for ADA in the coming days. ADA Price With positive returns of 12% during the last 24 hours, Cardano is currently the best performer among the top cryptocurrencies by market cap. Featured image from Dall-E, Santiment.net, chart from TradingView.com

View Details

Contact Info