Cardano (ADA) Price Tresting Pivotal Range: Will it Reclaim $1.5 This Week?
The post Cardano (ADA) Price Tresting Pivotal Range: Will it Reclaim $1.5 This Week? appeared first on Coinpedia Fintech News
After a potential ADA ETF, including Cardano in the U.S. strategic reserve offered strong bullish momentum. Along with the other cryptos within the markets, the ADA price also faced one of the brutal bearish attacks, but the third-generation token demonstrated massive strength. The buying pressure is slowly increasing, suggesting the bulls are slowly reclaiming their dominance. Therefore, the price may eventually reclaim the lost levels above $1 if this trade plays out well.
The whale movement is closely monitored, as it is considered one of the biggest signals before a change in the trend. An accumulation flutters bullish flags over the crypto, while a liquidation raises huge concerns over the upcoming price action. However, during the recent price drop, the whales accumulated a huge amount of ADA, which suggests their growing confidence in the token.
The data shared by a popular analyst, Ali, suggests the addresses holding ADA tokens between 100 million and 1 billion have accumulated over 420 million ADA soon after Donald Trump announced the US strategic crypto reserve.
Another major reason behind the rise in confidence is the involvement of the Cardano founder, Charles Hoskinson, in the U.S. administration. With these positive advancements, the market participants appear to have become bullish on the upcoming ADA price rally. Meanwhile, the price is approaching the crucial resistance, clearing which it could not only reclaim $1 but mark fresh monthly highs as the majority of the indicators that were turning bearish have refrained from doing so.
The recent upswing has pushed the ADA price above the descending parallel channel, which, unfortunately, has turned out to be a false breakout. However, the bulls have regained a strong hold on the rally, and as a result, the price is moving back to surpass the channel’s resistance. The CMF and OBV exhibited a bullish divergence, suggesting the increasing strength of the bulls, which may confirm the onset of a bullish trend.
Consequently, the Cardano (ADA) price is expected to sustain a solid ascending trend over the next few days and likely surpass $1 at any moment. Nonetheless, the true target for the token is set at $1.2, and if it exceeds this, it may advance towards new yearly highs above $1.5.
