After a 250% Rise, Is the Cardano (ADA) Price Preparing for a 175% Rise to Reach $3 This Month?
The post After a 250% Rise, Is the Cardano (ADA) Price Preparing for a 175% Rise to Reach $3 This Month? appeared first on Coinpedia Fintech News
The crypto market scenario has completely changed since the U.S. election results, as a change in the leadership is expected to offer regulatory clarity to the space. Moreover, the Cardano founder being the crypto advisor to the new president has induced huge confidence in ADA, which flung into action in no time. With the iconic 250% rise in a few weeks, ADA has not only gained centre stage but is also displaying a huge possibility of rising to new highs soon.
Now that the ADA price has already rallied over 250%, the technicals suggest a more aggressive move is incoming for the third-generation token.
Cardano has remained undervalued for quite a long time, due to which the traders have made a huge shift away from the token. However, the recent rise suggests the price follows its trend and triggers a massive rise when the other popular tokens remain consolidated within a range. This suggests the ADA price is within the bullish range and here is why it is preparing for a massive upswing for the rest of the month.
As the ADA price remained sluggish for a prolonged time, the whales shifted their focus away from the token. However, the volume of ADA transactions has increased by over 300% in the past couple of weeks. Moreover, the whales and institutional players seem to have positioned themselves for the next big thing for the Cardano price rally. The volume has surpassed $22 billion a day in recent times.
Besides, the active address count over the token has increased heavily. The active address count is the number of addresses that contacted the platform regardless of whether they intend to buy, sell, or swap the token. A rise in levels suggests a rise in volatility, as the rise in the active addresses suggests healthy growth of the platform, promoting a bullish narrative for the ADA price ahead.
With the rise in bullish sentiments among the retail traders and the whales, the Cardano price appears to be poised to maintain a steep upswing. Currently, the price is trying hard to close the weekly trade above the interim resistance at $1.2, which may elevate the levels above $1.38 securing a run to $1.5. A continued ascending trend over this range could elevate the levels above $2, which may further enroute the levels, forming a new ATH above $3.5.
