The crypto markets faced a minor pullback during the previous day’s close as the Bitcoin price dropped below the consolidation level of around $27,900. The tokens that had been among the top gainers have lost most of their value. Amid the rising bearish sentiments, Cardano is flashing huge possibilities for triggering a bullish rebound. With this, the ADA price could eventually rise by nearly 20%, aiming to reach beyond $0.3 in the coming days.
The ADA price in the long term appears to be at the edge of a significant upswing as it is approaching the apex of the falling wedge. The falling wedge is largely considered a signal of the impending bullish reversal as the resistance and the support continue to squeeze. The price has faced rejection at the resistance, and after losing crucial support at the 50-day SMA, it may head towards the lower support at below $0.24. This being a liquidity zone, it is expected to embrace a fine upswing, which may lead the price towards $0.3.
Why Traders are Optimistic About the Cardano (ADA) Price?
Whale activity is considered one of the pivotal indicators, which may heavily influence the value of the token in the long term. The whale accumulation has surged magnificently in the past few days, signalling them to be optimistic about the value. The quick rise in the top 1% address also indicates the trend reversal is fast approaching.
The supply in the top 1% addresses has witnessed a sudden spike from 28.82 billion to 28.87 billion in a day, which currently stands at $28.88 billion. The levels have been rising since mid-July, indicating the rising confidence of the traders, regardless of the sideways trend of the crypto. Alongside this, the development activity is also closer to a bullish reversal after experiencing a major downfall in the first few days of October.
With the rise in development activity, traders become more confident in their future prospects as the project is being built to become more robust. It signifies the development team is working hard to deliver new and upgraded features in the coming days. This may not impact the value of the token in the short term, but considering the long-term perspective, the Cardano (ADA) price may remain bullish.
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