Cardano price is on a tear, rising 144% in the past 15 days. Currently, at $0.793, ADA has encountered a resistance wall, which, if broken, could potentially catapult the cryptocurrency above $1. Whale activity around ADA is rising which means the asset could be preparing to surge higher. Can ADA price hit $1 after soaring 2.4X in less than a month?
ADA price is up 3.73% today, which is still a slight retrace from the intra-day high of $0.8024. The daily trading volume surged by 38.7%, signaling a recent rise in interest from investors.
Cardano Price Eyes Breakout As Whale Activity Surges
The overall market sentiment for Cardano price is bullish as price action is trending upward. Additionally, data from IntoTheBlock shows an increase in whale activity among ADA investors, with large investors holding over $10 million in ADA, increasing their holding by 134.09%.
Other smaller fish between $100,000 and $9 million also increased their holding over the same duration, suggesting increased confidence in the future performance of Cardano price.
Santiment analytics shows Cardano’s social trending rank also surged to second place on November 16, signaling that ADA is becoming popular among crypto investors around this time. Additionally, the Cardano social dominance spiked in early November to levels higher than those seen during the March mini bull run.
This suggests Cardano discussions are dominating social media platforms. With positive sentiment trumping negative sentiment, ADA price may soon follow the trend with a price surge.
ADA Price Analysis: Signs of a Breakout or Reversal?
According to the Cardano price chart, the asset struggles to break above a key resistance level near $0.80. ADA price previously hit $0.8193 but faced rejection as investors rushed to book profits.
If Cardano price can clear the $0.80—$0.82 resistance zone, there are little obstacles ahead on its path to $1. The Fibonacci retracement tool shows that the next targets for ADA price after the breakout will likely be around $0.89 and 0.9871, which coincide with the 0.27 and 0.618 Fib extension levels.
The current price level is crucial as bears could exploit the existing resistance to push prices lower. If ADA price fails to break above this resistance, it could drop to $0.71, which coincides with the 0.382 Fib retracement level. Below this, Cardano price may find support around $0.6478, which could act as a rebound pad to launch the price of ADA higher.
Any more downside below this point would invalidate the current bullish thesis as ADA price would potentially enter a consolidation zone between $0.54 and $0.64.
Will ADA Reach $1 or Face a Pullback?
From the increasing whale activity and the surging social dominance, Cardano price is gearing up for a breakout. Data from the Coinglass liquidation map (LM) shows derivative traders are also bullish on ADA, as there are three times as many ADA Longs as Shorts across Binance, OKX, and Bybit.
These combined factors signal that even after a 144% rally in just two weeks, Cardano is still not done running.
The post Cardano Price: Will ADA Soar To $1 or Fall After 144% Rally? appeared first on CoinGape.
