Cardano On The Verge Of $1: Bulls Eye Next Resistance Break
- Cardano (ADA) has surged 144% in two weeks, decoupling from the broader altcoin market and nearing an 8-month high.
- Increased whale activity and rising social media engagement signal growing confidence in ADAs potential for further gains.
- The potential pullback could find support at $0.71 and $0.6478, with further downside risking consolidation.
Cardano (ADA) has been on an impressive bullish rally with its price rising by 144% within the last two weeks. According to the analytics platform Santiment, ADA is breaking free from the larger altcoin market and is close to touching an 8-month high. The ADA/BTC price ratio is also gradually closing in on the highest value in the same period, evidencing increased confidence in the potential of Cardano.
At the time of writing, Cardano is trading at $0.798 and is battling the $0.80 mark. If it can overcome this level, ADA may rise above the $1 mark, a crucial level that many experts think can be achieved due to the current market trend.
Cardano Whale Activity
Whale activity with ADA has also been on the rise especially those with more than $10 million in ADA have added more to their portfolio by 134.09%. Also, retail investors with stake between $100,000 and $9 million have also been adding more ADA into their portfolio due to optimism of the ADAs future price appreciation.
Source: IntoTheBlock
Cardano social media expansion is also visible, especially in the social trending ranking, which peaked at the second position on November 16, as reported by Santiment. The increased social engagement along with the positivity of investors in ADA points to the fact that ADA has a bright future which can push the price even more.
Nevertheless, ADA met some stumbling block at around $0.80- $0.82, which is fairly a challenging threshold. Based on this, if Cardano is to break through this resistance, analysts believe that the next price targets will be at $0.89 and $0.9871 with the help of the Fibonacci retracement tool.
ADA Resistance and Support
Nevertheless, if ADA price fails to penetrate through the resistance level it may as well be pulled back and possible support levels being $0.71 and $0.6478. These levels will act as support and may prevent further losses but any substantial bearish break down below these levels will question the current bullish structure and could lead to a sidewards consolidation.
Source: TradingView
Even though ADA has risen by 144%, Coinglass data reveals that traders are still positive on the coin since long positions outnumber shorts significantly. This means that even after it has increased by such a large amount, Cardano still has potential for further growth, with traders still bearish on its potential.
Read more: https://www.tronweekly.com/cardano-on-the-verge-of-1-bulls-eye-next/
Text source: TronWeekly
