Cardano (ADA) Price Prediction for December 17
ADA, the native token of the Cardano blockchain, is receiving significant attention from crypto giants despite its continued price consolidation. On December 17, 2024, data from on-chain analytics firm Santiment showed a significant increase in whale activity on the Cardano network, signaling potential upward momentum.
Whale transactions surge on Cardano network
Data shows that a total of 687 transactions occurred on the Cardano network in the past 24 hours, each worth more than $1 million. This highlights whales’ growing interest and confidence in altcoins, suggesting that a significant price increase may be imminent.
Additionally, cryptocurrency experts highlighted these noteworthy transaction details on X (formerly Twitter). However, ADA experienced a surge in trading volume during the consolidation period, as it traded within a tight range over the past week.
Cardano (ADA) Technical Analysis and Upcoming Levels
According to expert technical analysis, ADA A bearish head and shoulders price action pattern appears to have formed. However, this pattern is not complete yet as the price remains trapped within a consolidation range between $1.07 and $1.14. This range could determine whether ADA heads higher or lower in the coming days.
ADA Key Levels and Current Price Momentum
Based on the recent price action, if ADA breaks out of the tight range and closes the daily candle above $1.14, the bearish pattern will be invalidated and the price of ADA could surge by 43% in the future to reach the $1.63 mark.
Conversely, if ADA breaks below this range and closes the daily bar below $1, the bearish pattern will be confirmed and ADA price could drop by 24% to the $0.78 level.
However, this bearish outlook appears to be manageable for now, as ADA continues to be supported by an ascending trendline.
On the positive side, ADA’s relative strength index (RSI) currently stands at 52, which is below overbought territory, indicating that the asset has ample room to rise in the coming days.
Currently, ADA is trading close to $1.07, with the price down 2.7% in the past 24 hours. During the same period, its trading volume surged 50%, indicating increased participation from traders and investors and rising interest in the asset.
