Cardano (ADA) had a week of significant volatility, experiencing a 15% drop in value. Despite this, recent price movements suggest a potential bullish reversal as ADA rebounded after testing a major support level at $0.80. Analyst Ali Martinez noted that ADA’s current market scenario is similar to the 2020 bull cycle, predicting a potential surge to $6. Another analyst, “Liqprodigy”, pointed out a potential double bottom pattern on ADA’s weekly chart, signaling a shift from a downtrend to an uptrend and targeting a price of $3.
Michaël van de Poppe, a well-known analyst, sees ADA’s price stabilizing around $0.75, calling it the most optimal entry level if the markets go through a broader correction. Key technical indicators like MACD and RSI crossing above the 50 level show bullish signals, fueling optimism among investors. Whale activity also plays a crucial role in ADA’s market movements, with whales accumulating hundreds of millions of tokens over the past month, indicating long-term confidence among large investors in Cardano’s potential for future growth.
Despite the recent pullback, whales continue to be active in the ADA market, with 687 transactions over $1M in the last 24 hours. This surge in whale transactions suggests a bullish sentiment among large investors. ADA’s price currently sits at $0.91, reflecting a 4.27% increase in the past 24 hours. Overall, the market is cautiously optimistic about ADA’s future potential for growth and reaching new all-time highs next year.
