Cardano (ADA) Price Could Soar 30%, But There’s a Catch
ADA, the native token of the Cardano blockchain, is about to break its silence after remaining in a downward trend for the past three weeks. Potential reasons behind this bullish outlook include current market sentiment and the positive price action ADA has shown in recent days.
ADA Technical Analysis and Upcoming Levels
Starting from December 2024, ADA The price fell more than 40%, falling below the $1 level. However, altcoin prices appear to be recovering and gaining upward momentum as traders and investors pay close attention.
According to expert technical analysis, ADA appears to be consolidating within a tight range near strong resistance at $0.95. Based on recent price action and historical momentum, if ADA breaks out of the consolidation zone and closes above the $1 mark, it has a good chance of surging 30% to $1.25 levels in the coming days.
Conversely, if the altcoin fails to settle above this level and breaks below the $0.85 mark, it may find support near the $0.72 level in the future.
On a positive note, ADA’s relative strength index (RSI) is currently near oversold territory, indicating potential upside momentum in the coming days.
On-chain metrics support ADA’s optimistic outlook
This bullish outlook appears to be attracting long-term holders and traders, reports on-chain analytics firm coin glass. ADA spot inflow/outflow data shows that the exchange witnessed $98 million worth of ADA token outflows over the past week.
In addition to long-term holders, trader participation also appears to have increased significantly. The data showed that ADA’s open interest surged 8%, indicating increased trader activity and hinting at potential upward momentum.
Current Price Momentum
At press time, ADA is trading close to $0.94, with the price surging more than 5.10% in the past 24 hours. Its trading volume surged 18% during the same period and continues to rise steadily, indicating increased participation from traders and investors following the bullish outlook.
