- Cardano can rally 15% and reach $1.24 by closing a candle four hours above the $1.07 mark.
- ADA’s Inflow/Outflow Spot data revealed that there was a substantial outflow in the amount of $203.2 Million.
After trading for more than a week in a sideways direction,Cardano [ADA]Cardano, the native coin of the Cardano network, is now ready for an upward rally. During the consolidation period, ADA has formed a pattern that is bullish and now it’s broken through.
Other factors that support ADA’s bullish forecast include the strong confidence of traders and whales in this token, and a positive change in market sentiment.
Cardano’s technical analysis of key levels
AMBCrypto says that ADA’s chart has broken from a head-and-shoulders price pattern.
If ADA closes a candle that is four hours above $1.07, then it can rally up to 15% and reach the resistance of $1.24. If this resistance level is also breached by ADA, it could rise another 25% and reach $1.52 within the next few days.
TradingView
ADA’s Relative Strength Index, or RSI for short, suggests that the altcoin still has room for a rally. The RSI was 60 at the time this article was written, well below overbought territory. This could attract investors as well traders.
The price of ADA is soaring due to the whale activity
Coinglass reports that traders, long-term investors, and whales are all actively involved in altcoins.
Coinglass’ ADA Spot Outflow/Inflow data indicates that since November 23rd 2024 exchanges experienced a large outflow amounting to $203.2 Million.
Outflowing tokens are regarded as a sign of success in cryptocurrency. The whales will withdraw tokens and store them in their wallets.
Coinglass
The bullish mood and rising open interest
Alongside whale activity, the traders also showed a strong level of participation. Coinglass shows that ADA Open Interest has risen by 12.9% and 3.75% over the last 24 hours.
Bulls are clearly supported by the growing OI and significant outflow of ADA. It is possible that the price will soar dramatically in the near future.
Click Here to Read Cardano’s [ADA] Price Prediction 2023-24
At the time this article was published, ADA had risen by over 6.45% within 24 hours.
The trading volume of the company dropped 30% in that same period. The trading volume is lower than the day before.
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Source: ambcrypto.com
