Cardano (ADA) Price Attempting to Cross a Pivotal Resistance—Will it Hit $1 This Month?
this cardano price It fell into an extremely depressed range and was not affected by the high market sentiment. However, the latest price action since early trading is over 13%, indicating that bulls have gained momentum, which may keep the gains going.
Recent technical changes suggest market participants remain uncertain about where prices will go next. Since the cryptocurrency market exploded in the first week of this month, the number of active addresses has surged from approximately 23,69K to 88,2K in one week. Unfortunately, the price declined significantly, failed to recover the previous highs, and formed consecutive lower highs and lows.
While market participants still appear hesitant, whales appear confident since the start of the fourth quarter of 2024. So, wallets holding over $10 million in ADA have been accumulating over the past month as one popular ADA analyst put it, Ali.
Cardano’s large transaction volume, on the other hand, has grown by nearly 300% in the past two weeks, reaching $22.6 billion. As market sentiment continues to rise, can the bulls push the price above $1 while the bears continue to be on high alert?
ADA’s weekly chart shows that the price has just risen above the bearish influence as the Ichikomu cloud shows the end of selling pressure. As a result, the price is believed to have broken above the resistance zone between $0.766 and $0.87, but the DMI has raised some concerns. After the bullish crossover, +Di started to show bearish divergence, indicating weakness on the bulls’ side. Therefore, Cardano price is likely to continue moving higher until and unless it stays within the resistance zone.
Additionally, a weekly close above these levels could spark a fresh bullish wave that could lift the price above $1. Overall, both Bitcoin and Cardano sit comfortably above the parabola, which is the area where a coin’s volatility increases with explosive gains. Additionally, Cardano’s Total Value Locked (TVL) breached ATH after Charles Hoskinson emerged as a symbol of hope for crypto governance and Bitcoin DeFi.
