Is Cardano Price Prime for This Rally?
Cardano's price has fluctuated in a narrow range since the beginning of the month. The altcoin faced resistance at $0.36 and found support at the $0.33 price level.
However, things are about to change. As demand for ADA increases, the coin is poised to overcome this resistance and extend growth. But how soon can it happen?
Cardano merchants began to fill their wallets
Cardano is currently trading at $0.35 above Ichimoku Cloud. Ichimoku Cloud is a key indicator used to assess market trends, momentum, and support and resistance levels.
When the asset price stays above the Ichimoku Cloud, it indicates a bullish trend. In this scenario, Cloud acts as a volatile support level, suggesting that buyers are in control.
Read more: How to buy Cardano (ADA) and everything you need to know
Moreover, Cardano's Balance of Power (BoP) confirms the increase in buying activity in the market. This indicator, which measures the strength of buyers and sellers in the market, is 0.44 at press time. A positive BoP indicates that buyers are taking control and trying to increase the value of the asset.
Cardano whales in particular have increased their trading activity, as evidenced by the coin's massive net flow of holders, which has risen over 1000% in the past seven days.
Large owners refer to addresses that hold more than 0.1% of the property transfer offer. When their net flow increases, it indicates that the whales are hoarding the property, which is a powerful indicator of bullying. This leads to increased demand from retail investors, which can lead to more inventory and increase the value of the asset.
ADA Price Prediction: Coin May Reach Four Months.
If buying activity gains momentum, Cardano's price will break above the $0.36 resistance level. A successful breakout of this level could pave the way for a rally to $0.48, a price last seen in June.
Read more: Cardano (ADA) Price Prediction 2024/2025/2030
However, if buying pressure subsides and selling activity increases, the price of Cardano may return to the support at $0.33. If the bulls fail to defend this level, the price may drop, potentially reaching $0.30.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
