Cardano’s Potential Bullish Rebound and Investor Interest
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Cardano’s (ADA) Path to a Potential Bullish Breakout
Cardano (ADA) is showing signs of regaining its bullish momentum after a notable correction from its recent highs. According to a comprehensive analysis by a TradingView expert, ADA might be on the verge of a significant rally, with potential price targets exceeding the $1 mark.
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Analyst Predicts Cardano Surpassing the $1 Benchmark
On May 1, technical analyst Arman Shaban shared an insightful evaluation of the ADA price movements on a 3-day chart via TradingView, aiming to pinpoint its forthcoming bullish targets. In his analysis, Cardano had previously experienced a remarkable surge from a low of $0.33 to a high of $1.32, resulting in a more than 300% rally, marking its highest point in the past three years.
During this significant uptrend, Cardano encountered substantial resistance at a bearish Order Block (OB), prompting profit-taking activities and a sharp retracement to $0.5. Despite this correction, Shaban’s chart indicates that ADA’s price structure remains bullish, as it shows resilience after reclaiming the $0.65 level.
The analysis also identifies a critical liquidity sweep that occurred during the recent correction. Following this event, ADA rebounded from a well-defined demand zone and a bullish Order Block, highlighting strong buy-side interest at those levels.
Cardano is currently striving to establish a higher low pattern, with its price action stabilizing firmly above $0.65. This consolidation above the $0.65 mark is perceived as a vital support level, suggesting that the market is gearing up for a possible bullish continuation.
If this level holds, Shaban forecasts potential upward targets at $0.75, $0.81, $0.93, and potentially $1.05. These targets represent previous resistance and liquidity levels, each serving as a potential milestone for Cardano’s price recovery.
The $1 threshold holds psychological significance for Cardano, as its price has remained below this level for several months. A successful breach beyond the $0.81 target could pave the way for a retest of the $1 mark. Nevertheless, the focus remains on the $0.65 to $0.75 range, as a decisive close above this zone could affirm ADA’s readiness for a renewed upward trajectory.
Whales Increase ADA Holdings Amidst Lower Prices
Cardano is currently valued at $0.69 after experiencing a 4.7% decline over the past week. Despite this dip, large investors, or ‘whales,’ have been actively acquiring ADA tokens, capitalizing on the lower prices with an eye on a potential price reversal.
Crypto analyst Ali Martinez recently revealed on X (previously known as Twitter) that Cardano whales have amassed over 410 million ADA tokens in April alone. With the current market valuation, this accumulation equates to a substantial $276,000,000 investment.
This considerable increase in ADA accumulation underscores the strong confidence large investors have in Cardano’s long-term prospects. Although Cardano continues to trade sideways amidst market downtrends and persistent volatility, technical indicators suggest a shift in sentiment towards the ‘Greed’ zone, indicating rising investor optimism.
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