Cardano’s Half-Day Chart Hints at Mega Eruption — Is a New All-Time High Attainable?
Altcoins are kicking off strong this week, and while Ethereum is taking the lead, a handful of other Altcoins are gaining steam and following in the leading altcoin’s footsteps. Cardano’s native token, ADA,...
Altcoins are kicking off strong this week, and while Ethereum is taking the lead, a handful of other Altcoins are gaining steam and following in the leading altcoin’s footsteps. Cardano’s native token, ADA, is one such asset. According to data from ADA’s technical chart, the asset is poised for a price breakout, which will launch it into new price territory.
Cardano (ADA) is primed for a breakout as depicted in its half-day chart, as observed by crypto analyst Ali Chart. In an X post, the market player detailed ADA’s recent movement pattern, noting that the altcoin might be well on its way to $1.50.
He validates his outlook by pointing to an emerging channel pattern on ADA’s 12-hour chart. As his post on X reads, “Cardano (ADA) is on the verge of a breakout to $1.50.”
ADA whales also appear to be extremely bullish on the asset, throwing their weight behind the altcoin as they collectively increase their ADA holdings.
Notably, ADA whales scooped up 200 million ADA tokens worth $157 million over the last 48 hours, thus increasing their holdings to 10.3% of the supply. Market analysts are asserting that the move mirrors historical patterns, particularly spotted in 2021’s pre-rally pattern.
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It bears mentioning that the move coincides with the spike in ETF approval odds, which went from 60% to 75%, further suggesting heightened confidence amongst key players.
Remarkably, ADA bulls have stayed within a bullish range over the past 24 hours, with gains going up by a staggering 17%, making it the highest gainer in the top 10 category within the aforementioned timeframe.
Although ADA is still far away from its all-time high of $3.10, a breakout of the $1 price mark could position the asset for a continuous upward rally. At report time, ADA is trading for $0.92.
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