ADA Potential to Surge to $1 Amidst Whale Accumulation

Cardano whales and retail traders have redirected their attention towards the token, potentially sustaining the bullish trend for an extended period.

Azcnews Ada (1)

With the recent resurgence in crypto markets, Cardano’s price is steadily approaching a crucial milestone at $0.75. This level, previously a formidable resistance, has now transformed into a robust support after withstanding multiple tests. Initially, overcoming this threshold posed challenges for the third-generation token, but it has now become a reliable foundation for initiating a healthy upswing.

In the upcoming days, there is anticipation of a sustained upward movement as both whales and retail traders exhibit optimism towards the next price action. The accumulation trend among the top 100 addresses has been on the rise since late February, with a noticeable surge in the supply held by the top 1% in recent days, indicating substantial accumulation efforts by the whales.

A significant daily increase of approximately 60 million ADA tokens, equivalent to a 2.25% rise, implies that whales are recognizing substantial bullish opportunities. Simultaneously, retail traders are also joining the fray, evidenced by a notable uptick in unique addresses. This signifies a noteworthy shift in interest by both traders and whales, potentially exerting a significant long-term impact on the asset’s price.

Is a $1 ADA Price Achievable in March 2024?

ADA / Supply held by top 1% adresses
ADA / Supply held by top 1% adresses

Throughout the month, ADA’s price has exhibited a tight consolidation around the $0.75 range, indicating potential strength accumulation by the bulls. This consolidation may pave the way for a bullish breakout beyond the interim threshold of $0.8. Taking a longer-term perspective, the token remains under a pronounced bullish influence, adhering to a bullish pattern and potentially reaching the milestone of $1 at any point this month.

Related: Cardano Enters Top 10 Leading Blockchains for NFT Transactions

A closer look at the weekly chart reveals that ADA’s price is progressing towards the $1 mark by overcoming a critical resistance at $0.98. This upward movement could extend to the significant resistance zone ranging from $1.187 to $1.24, buoyed by bullish signals from technical indicators. The Bollinger bands, displaying a similar expansion to the 2021 breakout, suggest a sustained strong ascending trend with minimal bearish activity, even though the impact may be less pronounced.

Furthermore, the RSI residing within the bullish range signals increasing strength among the bulls. As a result, there is a substantial possibility of Cardano (ADA) reaching $1 at some point this month, potentially igniting a healthy run in the days to come.

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