Cardano (ADA) is bullish and on-chain data shared by market analyst Ali Martinez shows the coin may be on the verge of a rally to $0.8.
Cardano’s price is $0.6257, down by 1.17% at press time. However, Martinez believes the current ADA setup is positive for the coin’s growth.
His analysis comes at a time when the coin’s market capitalization has dropped 0.97% to $22,105,678,729. In addition, Cardano’s 24-hour trade volume has slumped 57.64% to $847,338,063.
Despite this gloomy outlook, the analyst argued that with ADA trading above $0.6, the coin’s bulls have the basis to exert more pressure to push the price higher.
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Cardano Profitability Outlook
In his analysis, Martinez points to the lack of resistance surrounding Cardano, based on the Global In/Out of the Money metrics from market intelligence resource IntoTheBlock.
The data suggests that a total of 57.16% of ADA holders are profitable at the moment. In actual count, these profitable addresses number up to 2.54 million overall. This leaves 1.85 million addresses or 41.62% at loss, with 1.22% or 54,370 addresses at breakeven.
Drawing on the current profitability outlook, the associated chart, as shown below, shows there is little or no resistance on the path to hit at least $0.8457 in the near term.
A major boost for this profitability is the actual Cardano whale count and volume, as measured by ITB. Over the past 24 hours, Cardano’s large transactions hit $23.07 billion, up by 8.37%. At this level, Cardano is next to Bitcoin as the most backed by whales, a trend that might impact ADA sentiment overall.
Cardano Predictions: Go Boom or Go Bust
Though Cardano’s ADA outlook shows promises, clearer price projections suggest more ambitious targets ahead for the coin.
The Crypto Basic reported earlier that Changelly, a crypto exchange and prediction platform foresees ADA hitting $1.16 by December 2025, a conservative level considering the $3.32 projection by October 2028.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Source: https://thecryptobasic.com/2023/12/15/cardano-ada-might-be-on-its-way-to-0-80-promising-on-chain-data-emerges/?utm_source=rss&utm_medium=rss&utm_campaign=cardano-ada-might-be-on-its-way-to-0-80-promising-on-chain-data-emerges