- ADA broke a 915-day consolidation range in November 2024, signaling significant market momentum and bullish potential.
- Critical support at $0.8875 confirms ADA’s strong structure, with $2 in sight if momentum continues above $1.30.
Cardano (ADA) last month broke a 915-day consolidation range that has been in place since May 2022. This breakout, which took place in November 2024, marked a significant milestone and resulted in the highest bullish trading volume the coin has ever experienced.
Renowned crypto analyst Alan Santana on TradingView claims that this breakthrough marks ADA’s emergence from a long-term low, indicating significant future expansion possibilities.
ADA: Key Levels and Upward Potential Highlight Bullish Outlook
Santana emphasized the importance of viewing the current movement from a bull-market perspective, considering short-term price action based on long-term chart dynamics. He discovered that, during the November breakout, $0.8875 served as a crucial support level.
This historic event also drove ADA to its highest points since May 2022. Santana stays “super-bullish” about more growth as long as ADA stays above this level. If the price falls below $0.8875, he observed, ADA’s solid structure above $0.6330 would probably keep its positive view intact.
ADA still has excellent potential to rise beyond $1.30. Santana said that although the pace and direction of December’s market dynamics will be very important, such a move might open the path for a climb above $2.
“The chart is trending upwards and indicates potential for further growth,” Santana stated. He also urged patience since the market might need time to consolidate before starting its increasing path.
Meanwhile, ADA is trading at about $1.28 at the time of writing, a 17.37% increase over the last 24 hours and a 36.72% growth over the last 7 days. This increase has raised its market capitalization above the $44 billion mark, therefore supporting its ranking among the best-performing cryptocurrencies.
A CNF report, meanwhile, shows that 88% of Cardano’s current circulating supply is now profitable. This strong market momentum indicates increasing investor confidence but also points to the likelihood of selling pressure since holders might decide to realize gains.
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Source: https://www.crypto-news-flash.com/long-term-chart-analysis-suggests-ada-heading-toward-2-and-beyond/?utm_source=rss&utm_medium=rss&utm_campaign=long-term-chart-analysis-suggests-ada-heading-toward-2-and-beyond