Cardano (ADA) Price Could Rise 30%, But There’s a Catch

ADA, the native token of the Cardano blockchain, is ready to break its silence after remaining in a downward trend for the past three weeks. Potential reasons for this bullish outlook include current market sentiment and the positive price action that ADA has shown in recent days.

ADA Technical Analysis and Upcoming Level

Since the beginning of December 2024, the price of ADA has fallen by more than 40%, falling below the $1 level. However, with noticeable attention from traders and investors, the altcoin price appears to be recovering and gaining upward momentum.

According to expert technical analysis, ADA appears to be consolidating in a tight range near the strong resistance level at $0.95. Based on the recent price action and historical momentum, if ADA breaks out of the consolidation zone and closes the daily candle above the $1 mark, there is a high chance that it could rise 30% and reach the $1.25 level in the coming days.

Source: Trade View

Conversely, if the altcoin fails to close above this level and falls below the $0.85 level, it could find support near the $0.72 level in the future.

On a positive note, the ADA Relative Strength Index (RSI) is currently hovering near oversold territory, indicating potential upside momentum in the coming days.

On-chain metrics support ADA’s bullish outlook

This bullish outlook appears to have attracted both long-term holders and traders, according to data analytics firm Coinglass. Spot ADA inflow/outflow data shows that exchanges experienced an outflow of $98 million worth of ADA tokens last week.

Source: Coinglass

Apart from long-term holders, trader participation appears to have increased sharply. According to the data, ADA open interest rose 8%, indicating increased trading activity and suggesting potential upside momentum.

Current price momentum

At the time of publication, ADA is trading around $0.94 and has risen over 5.10% in the last 24 hours. Over the same period, trading volume jumped 18% and continues to rise steadily, indicating increased participation by traders and investors following the bullish call.

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