Cardano price has soared 81% in the last 7 days, breaking several key barriers and prompting market analysts to set the next major target at $1. Meanwhile, Cardano bulls may be driving this rally as ADA whale activity spiked, signaling that large investors are buying up the asset. Will they push the price ADA to $1 this month?
ADA price increased by 11.35% in the last 24 hours to trade at $0.6489, a level not seen since April 2024. The recent daily increase was influenced by Bitcoin, whose price is up 10.8% and is trading at $89,547.
Cardano Price Recent Surge: $14B in 24 Hours
ADA whales are gearing up for the next leg up as large investors’ activity soared. Data from IntoTheBlock indicates that 28.45 billion ADA ($14.9 billion) was transacted in the last 24 hours, signaling a recent increase in investor interest.
Consequently, the 7-day large holder inflow soared by 393%, while the 90-day inflow increased by a staggering 2,855%. An increase in large investors suggests more demand for ADA, which might drive the price up.
What’s Driving The Cardano Rally?
The recent Cardano price increase has broken through the previous resistance zone around $0.4, $0.45, and $0.49. The price of ADA is surging because of two potential reasons:
- The recent Bitcoin price surge has catapulted the entire crypto market above the $3 trillion market cap.
- Cardano founder Charles Hoskinson revealed plans to help shape U.S. crypto policy under the Trump administration.
Cardano enthusiasts have speculated how ADA could integrate into the U.S. government, especially after a NASA Systems Engineer attended the Cardano Summit in Dubai.
ADA Price Analysis: Can Cardano Bulls Push the Price to $1 This Month?
Cardano price is trending inside a larger rising channel, a bullish continuation structure. The crypto asset has clear sights at $1, but must overcome a key resistance level before the price can surge to $1 and beyond.
The immediate resistance lies around $0.70, which coincides with the $0.786 Fibonacci retracement level. Further beyond, the ADA price will have to contend with $0.81 and finally hit $0.95 near the rising channel’s upper boundary.
Conversely, Cardano may find support at $0.5 if bears push the price lower.
Market Outlook: Will ADA Sustain Its Momentum?
The Cardano bullish momentum is strong, though there are signs of weakness. Coingecko data shows that the 24-hour trading volume dropped by 48%, indicating a market activity fall. This could be due to investors taking profit, which coincides with the Relative Strength Index (RSI) surging to 76 in the overbought zone.
Nevertheless, the Average Directional Index (ADX) indicator suggests that volatility has only just begun increasing, which means after the period of profit-taking, ADA will likely surge to $1 and beyond.
Frequently Asked Questions (FAQs)
ADA bulls are eyeing $1, but the price must overcome a key resistance level around $0.70 before it can push toward $1. There are signs of increased investor interest, which could help drive the price further, but volatility may also cause short-term pullbacks.
There is some risk of a pullback, as the Relative Strength Index (RSI) is currently in the overbought zone. If this happens, ADA could find support at $0.50 before potentially continuing its upward movement.
Cardano’s price surge is primarily driven by increased activity among large investors (ADA whales) and a broader cryptocurrency market rally, particularly Bitcoin’s recent price increase.
Related Articles
Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/14b-in-24-hours-will-ada-bulls-boost-cardano-price-to-1-this-month/
✓ Share: