- One analyst has pointed out that Cardano is in a parallel trading pattern that points to ADA hitting $1.5 in the short term amid a 38% surge in the past month.
- ADA whales have been stocking up, with the top 1% recording a massive spike in ownership in the past week, signaling a growing interest in the project’s future.
In the past month, Cardano has gained close to 40% as it rode the broader market’s positive price wave to hit its highest price in the past two years, just under $0.80, and as Crypto News Flash reported, investors are getting excited. Analysts are now predicting that ADA will break $1 in the short term as bulls accumulated millions of ADA over the past week.
Cardano trades at $0.7443 and has barely moved over the past 24 hours. The trading volume has sharply dipped as the market cools down after frantic movements in recent weeks.
While the token has only gained 4.4% in the past week, it recorded a surge toward the end of February, shooting from $0.5753 on Feb. 26 to $0.7947 on Mar. 4, a 38% surge in a week. Despite a slowdown in the momentum, the token has maintained its price above $0.7 since hitting new highs nearly two weeks ago.
ADA’s price momentum has seen analysts predicting that it’s on its way to $1. Dan Gambardello, the founder of Crypto Capital Venture, projects the token hitting $1.5. He took to X with a chart showing his 254,000 followers a trading pattern that ADA has been caught up in, culminating in a breakout towards $1.5.
I see $1.50 ADA target
pic.twitter.com/4eFFunm8Mf
— Dan Gambardello (@cryptorecruitr) March 11, 2024
Another analyst, pseudonymously known to his followers on X as Trend Rider, Cardano’s market movements are reminiscent of the 2021 bull rally in which the token shot up from $0.2 in January of that year to $3 in September, its all-time high.
The analyst referred to a ‘parabolic red line,’ which signals a looming surge in the price once it crosses the token’s price. He further claims that this phenomenon happened in Bitcoin months ago before the top crypto took off to set a new all-time high north of $73,000, as Crypto News Flash reported earlier today.
Whales Accumulate ADA—Is $1 Next?
Accumulation by whales is always a bullish signal, indicating that those who hold the highest amounts of the token are confident in its future. Cardano shines on this metric.
Data from CoinMetrics shows that the top 100 addresses have been accumulating ADA tokens since the months started. As the graph below shows, the top 1% of Cardano addresses have also been stacking up tokens in the past few days, indicating that they expect an uptick in the coming weeks.
Having broken past the $0.75 resistance earlier this month, Cardano’s next resistance is at $0.98. The last time it breached this was in 2021 before going on to set a new record. Analysts have observed that the token’s Bollinger bands are showing similar expansion to their 2021 trend just before ADA shot past the $0.98 resistance.
