In addition to an astonishing increase of over 43% in the past week, Cardano (ADA) is expected to continue rising in the coming days as it forms a strong bullish price pattern on the daily time frame. With this bullish price trend, the participation of traders and investors has increased.
Whale activity: Large transaction volume surged by 42%
According to on-chain analysis company IntoTheBlock's data, the trading volume of ADA has surged by 30%, indicating strong participation from whales and institutions following bullish price action, suggesting a strong buying opportunity.
In addition to the increase in trading volume, daily active addresses have surged by 42%, indicating increased activity and participation from traders and investors as prices are expected to see impressive gains.
ADA open interest continues to increase
In addition to whale activity, traders are also actively participating in altcoins. According to the latest data from on-chain analysis company Coinglass, ADA's open interest (OI) surged by 5.76% in the past 24 hours and increased by 3.15% in the past hour. This growing OI indicates that traders have been actively participating over the past four hours, driving an upward rebound.
Two pieces of data from on-chain analysis suggest a perfect buying opportunity and potential rebound.
Technical analysis of Cardano (ADA) and upcoming levels
According to expert technical analysis, ADA has broken through the strong resistance level of $0.77 and recently closed above this level. Based on recent price momentum, if ADA's price breaks above the previous highs on the daily chart, it is likely to soar 20% to $1 in the coming days.
However, before the altcoin breakout, it underwent five days of consolidation, which traders and investors view as a bullish signal for upward momentum. Historically, whenever altcoins break out of a consolidation zone, they tend to rise significantly. This time, traders and investors are expecting similar upward momentum in the coming days.
Current price momentum
As of the time of writing, ADA is trading at approximately $0.83, up over 3.84% in the past 24 hours. During the same period, its trading volume decreased by 30%, indicating a decline in trader participation compared to the previous day.
