Cardano’s native token, ADA, is showing bullish momentum with the formation of a bullish flag and pole pattern. Currently consolidating near the $1.25 resistance level, ADA struggles to break through but could rally significantly if it does.
📊 Technical Analysis & Price Levels
A four-hour candle close above $1.25 could trigger a 30% surge, potentially pushing ADA to $1.63 in the coming days. The RSI sits at 54, well below the overbought zone, signaling room for further growth. This indicator suggests that ADA has the potential to sustain its upward trajectory.
💰 On-Chain Activity
ADA has seen a massive $98.4 million outflow from exchanges, as reported by Coinglass. This movement indicates that whales and investors are moving their ADA into wallets, signaling confidence in the token and reducing sell pressure. Historically, such outflows precede price increases.
📈 Current Market Position
At press time, ADA trades at $1.22, up 1.5% in the past 24 hours. However, trading volume has dropped 20%, reflecting reduced market participation compared to the previous day.
With strong on-chain metrics and bullish technical patterns, ADA could soon break through the $1.25 resistance, paving the way for a substantial rally. Will the bulls take control? Time will tell!
Top comments (0)