In addition to an impressive nearly 50% increase over the past week to return to the Top 10 largest coins in the market, Cardano (ADA) is preparing to continue its upward trend in the coming days as it has formed a strong bullish price action pattern on the daily timeframe. With this price action, participation from traders and investors has significantly increased.

Whale activity: Large trading volume increased by 42%

According to blockchain analysis firm IntoTheBlock, the large trading volume on ADA has increased by 30%, indicating strong participation from whales and institutions, while also suggesting an attractive buying opportunity.

Additionally, the number of daily active addresses has surged by 42%, indicating increased activity and active participation from traders and investors as prices prepare for a strong rally.

Growth of ADA's open interest

Alongside whale activity, traders are actively participating in the altcoin season. According to recent data from blockchain analysis firm Coinglass, ADA's open interest (OI) has increased by 5.76% in the past 24 hours and 3.15% in the past hour. This increase suggests strong participation from traders recently, contributing to the price uptrend.

Source: Coinglass

Both data from blockchain analysis firms suggest ideal buying opportunities and strong price increase potential.

Technical analysis and upcoming price levels of ADA

According to technical analysts, ADA has surpassed strong resistance at $0.77 and recently closed with a bullish hammer candle above that level. Based on the current price momentum, if ADA breaks the previous daily candle high, there is a strong likelihood it could rise 20% to reach $1 in the coming days.

Source: TradingView

Before witnessing the breakout, ADA went through a five-day accumulation phase, which traders and investors view as a positive sign for the next uptrend. History shows that whenever an altcoin breaks out of an accumulation zone, it tends to rise significantly. This time, traders and investors also expect the same in the coming days.

At the time of writing, ADA is trading around $0.87 and has increased over 13% in the past 24 hours. However, trading volume over the same period has slightly decreased, indicating lower trader participation compared to the previous day.

Source: https://tapchibitcoin.io/du-doan-gia-cardano-ada-cho-thang-11-nam-2024.html