ADA Price Prediction for January 16
The entire cryptocurrency market is experiencing huge upward momentum following plans by the U.S. Securities and Exchange Commission (SEC) to review and close all pending cases. The update changed the overall market sentiment, with all major cryptocurrencies seeing significant price increases.
Crypto whale buys 100 million ADA tokens
Amid this bullish outlook, ADA, the native token of the Cardano blockchain, has received a lot of attention from cryptocurrency enthusiasts due to the massive accumulation of whales. Today, January 15, 2025, a well-known cryptocurrency expert posted on X (formerly Twitter) that crypto whales accumulated 100 million ADA tokens in the past 48 hours.
However, this huge accumulation has recently U.S. Securities and Exchange Commission Plan Releasing a cryptocurrency case that does not involve any fraud, Trump’s inauguration held ADA responsible for today’s rally.
Current Price Momentum
According to CoinMarketCap data, today’s ADA price has increased by more than 7.5% in the past 24 hours and is currently trading near $1.065. This sharp price increase and the latest developments over the same period attracted significant attention from traders, resulting in a 76% surge in trading volume.
In the meantime, traders and investors need to be aware of key levels and understand the potential levels ADA could reach in the future.
ADA Price Action and Key Levels
Following an impressive price surge, ADA has reached key trendline resistance, a level that had previously witnessed a price reversal, according to the altcoin’s daily chart. Some are anticipating a similar price reversal, but judging by current market sentiment, that likely won’t happen.
ADA Price Prediction
Additionally, market sentiment remains uncertain since December 2024, during which time ADA formed a bullish inverted head and shoulders price action pattern. It is now located near the neckline, which appears to be a resistance level.
Based on the recent price action, if ADA breaks out of the trendline and closes a daily candle above the $1.15 level, there is a good chance that it could surge 40% to $1.645 levels in the future.
On the positive side, ADA’s relative strength index (RSI) remains below the overbought zone, indicating that the asset still has plenty of room to witness significant upward momentum.
