ADA Sighted a 40% Rise With On-chain Metrics Backing the Claim
- Cardano set up a liquidity pool.
- The price retracement will set the stage for 38%.
- Cardano’s price will encounter the $1.60 resistance level.
Cardano’s (ADA) price has set up liquidity pools, the most profitable direction to be bullish. It happens through on-chain metrics, providing a tailwind to the chain. Cardano price set up a double top at $1.75 on December 02 and retraced 32% to $1.13.
A few days later, ADA created a double bottom @ $1.3 and surged 18%. However, a current upward revision will likely put the stage for the incoming bullishness to be sustained. Therefore, the bounce off the $1.26 support level puts a new swing high past $1.47, which will verify the start of an uptrend. In this scenario, Cardano’s price will encounter the $1.60 resistance level.
Reversing this barrier into a support floor will recommend that the buyers are taking control. This move will open the way for organizing the buy-stop liquidity resting above the $1.75 hurdle. In total, the climb would comprise a 38% gain.
Supporting the bullish viewpoint for Cardano price is the recent uptick in the average transaction size from $23,877 to $83,704. This 250% point in transfer size shows that investors are curious about the price of ADA at the existing levels and are actively flowing money into it.
While things are looking promising for Cardano’s price, there is a high chance ADA might retrace below $1.19 to collect liquidity. Investors can scoop the so-called “Ethereum killer” for a deal in this case.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
Read more: https://coinquora.com/ada-sighted-a-40-rise-with-on-chain-metrics-backing-the-claim/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
