Sahana Vibhute
The Cardano price was stuck within an extremely sluggish range, being unimpacted by the growing market sentiments. However, the latest price action of over 13% since the early trading hours suggests the bulls have gained momentum, which may keep the rally elevated.
The recent change in technicals suggests the market participants remain uncertain about the next price action. Ever since the crypto markets broke out in the first week of the month, the active address count surged from around 23.69K to as high as 88.2K within a week. Unfortunately, the levels dropped extensively, failing to regain the previous highs and forming consecutive lower highs and lows.
While the market participants appear to remain indecisive, the whales seem to be confident since the start of Q4, 2024. As a result, the wallets holding over $10 million in ADA have been constantly accumulating ADA over the past month, as suggested by a popular analyst, Ali.
On the other hand, the volume of large Cardano transactions has increased by close to 300% in the past two weeks, reaching $22.6 billion. With the growing market sentiments, can the bulls push the price beyond $1 this month as the bears continue to remain largely vigilant?
The weekly chart of ADA suggests the price has just risen above the bearish influence as the Ichikomu cloud displays an end of the selling pressure. Therefore, the price is believed to breach the resistance zone between $0.766 and $0.87, but the DMI raises some concerns. After the bullish crossover, the +Di has initiated a bearish divergence, suggesting weakness of the bulls. Therefore, the Cardano price may continue to trade higher until and unless it sticks within the resistance zone.
Moreover, a weekly close above these levels may trigger a fresh bullish wave, which could elevate the levels beyond $1. Collectively, both Bitcoin & Cardano are sitting comfortably above the parabolic line, and this is the zone where the token’s volatility increases with explosive gains. Besides, Cardano’s Total Value Locked (TVL) breaks ATH after Charles Hoskinson becomes the icon of hope for crypto regulations and Bitcoin DeFi.
