Cardano (ADA) is on a positive trajectory, with a notable 4% increase in the last 24 hours and an impressive 15% surge over the week. This rebound is a welcomed sight for investors as ADA works its way out of a recent 24% slump over the last month, now boasting a market cap of $29 billion. Notably, trading volume has spiked by over 100% in the past day to reach $895 million.
Despite this upward trend, the activity of whales in the Cardano market remains steady, indicating a cautious approach by the major holders who are refraining from aggressive accumulation at this point. The future for ADA looks promising if it continues to gather momentum, potentially eyeing a surge towards $1.16. However, a failure to maintain support levels might lead to another downward spiral.
The ADX for Cardano has seen a significant rise, jumping from 16.2 to 21.7 in just one day, suggesting a strengthening trend. This indicator, which measures trend strength on a scale of 0 to 100, indicates that ADA is potentially transitioning from a downtrend to an uptrend. This upward movement in ADX signifies growing momentum, though the shift in trend is not yet fully confirmed. Should the ADX continue to climb above 25, it would signal a robust bullish momentum for ADA's price.
The stability in the number of whales holding Cardano, with addresses containing between 1 million and 10 million ADA, at 2,466, indicates that these major players are maintaining a balanced stance without aggressive buying or selling activities. This stability suggests that ADA may be in a consolidation phase, poised for steady price movement until fresh catalysts emerge. The behavior of these whales is crucial as their actions can influence market sentiment and liquidity.
Looking ahead, ADA's short-term moving averages are trending upwards, pointing towards a potential bullish momentum. If a golden cross materializes, Cardano's price could continue its ascent, aiming to breach resistance at $0.90. A successful breakout could propel ADA towards $0.98, with the possibility of surging to $1.16, surpassing the January levels. Conversely, failing to gather strength in the upward trend could lead ADA to retest support at $0.65, potentially marking a 37% correction if this level is breached.
As ADA navigates the crypto market with its fluctuating price predictions, investors eagerly await its next moves to see if it reclaims levels above $1 in the near future.