Cardano The (ADA) token is poised to break out. The token was facing strong resistance around the $0.75 mark, which acted as an important support level for a healthy upward trend. ADA now trades at $0.7672, having breached the previous level.
Cardano is preparing for an important price move in the next few days, as whales and traders are growing more optimistic.
Recent data shows that the supply of the top 100 address has steadily increased since the final days in February. In the last few days the number of top-1% addresses increased dramatically, which indicates a significant accumulation of whales.
The 2% increase in a day is equivalent to 60,000,000 ADA tokens. This indicates that the whales anticipate bullish opportunities for the future.
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Cardano’s Path to $1
From the beginning of this month, ADA Price has been consolidating in the $0.75 area. The consolidation could indicate that the bulls are gaining strength in preparation for a possible breakout above $0.8. Cardano is still under a strong bullish trend, and the pattern could push the token up to $1 at any point in March 2024.
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The weekly chart for the ADA shows that the token will surpass the important resistance level of $0.98. This opens the door to a movement towards the main resistance zone, between $1.187 and $1.249.
The Relative Strength Index is also still in the positive range. This indicates that the bulls are gaining strength. Combining this setup with increasing investment by whales as well as retail investors will increase the likelihood of Cardano reaching the $1 mark within the next month.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: watcher.guru
