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Is the explosion of Cardano (ADA) imminent? Surge in whale activity suggests a big rise!
Although the price of Cardano's native token ADA is consolidating, it is still attracting the attention of many cryptocurrency giants.
Surge in whale transactions on the Cardano network
Data shows that in the past 24 hours, the Cardano network recorded 687 transactions, each exceeding 1 million USD. This highlights that whale interest and confidence in ADA are on the rise, indicating a potential significant increase in ADA's price.
Moreover, these eye-catching transaction details have also sparked heated discussions among cryptocurrency experts on X (formerly Twitter).
Technical analysis and future trends for Cardano (ADA)
According to expert technical analysis, ADA appears to be forming a bearish head and shoulders price pattern. However, this pattern is not yet complete, as the price remains trapped in the consolidation range of 1.07 USD to 1.14 USD. This range will determine whether ADA rises or falls in the coming days.
Based on recent price movements, if ADA breaks out of this narrow range and closes above 1.14 USD, the bearish pattern will be invalidated, and ADA's price could potentially soar by 43%, reaching 1.63 USD.
Conversely, if ADA falls below this range and closes below 1 USD, the bearish pattern will be confirmed, and ADA's price could drop by 24%, falling to 0.78 USD.
However, the current bearish outlook seems to be within a controllable range, as ADA continues to be supported by an upward trend line.
On the positive side, ADA's relative strength index (RSI) is currently at 52, below the overbought zone, indicating that the asset has enough room for upward movement in the coming days.
Currently, ADA's trading price is close to 1.07 USD, with a 2.7% drop in price over the past 24 hours. During the same period, its trading volume surged by 50%, indicating increased participation from traders and investors, and rising interest in the asset.
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