Amid the increasing volatility in the altcoin market, Cardano emerges as a bull favorite. With positive recovery in a volatile market, Cardano aims to deliver a breakout rally.
Furthermore, the altcoin is witnessing increased demand from whales, supporting the bullish trend. Will this increased demand propel Cardano beyond the $1 psychological mark? Let’s find out.
In the 4-hour chart, the Cardano price trend reveals strong resistance at $0.81. This acts as a neckline for Cardano, keeping the bullish growth under check.
Currently, Cardano is hinting at a cup and handle pattern, preparing to challenge the overhead neckline. The ADA token is currently trading at $0.784 and is nearing the overhead resistance.
With the short-term reversal rally in Cardano, the bulls are aiming to reclaim the $1 mark. Hence, a successful closing above the 50% Fibonacci level near the $0.81 neckline will likely reinstate bullish control.
The Fibonacci levels paint a price target extending from $1 to $1.25, highlighting an upside potential of 60%. On the flip side, the crucial support levels for Cardano are $0.72 and $0.66.
If ADA fails to break $0.81, a short-term retest of support levels could provide another entry opportunity for buyers.
Whale Accumulation Fuels Bullish Outlook
Amid the chances of a breakout rally in Cardano, a recent X post by Santiment reveals growing support from Cardano whales. Since November 2023, wallets holding at least 1 million ADA tokens have been on a buying spree.
Over a 15-month period, these wallets have accumulated 1.41 billion ADA tokens, worth more than a billion dollars. During this time span, the accumulation accounts for nearly 2.35% of the entire Cardano supply, added by 1 million+ ADA holders.
The sustained accumulation by large investors reflects growing confidence in Cardano’s long-term price appreciation.
Key Targets for ADA Price
Bringing a fresh bullish perspective to the Cardano price chart, Ali Martinez highlights a massive upside potential for ADA. As per his recent X post, Cardano is moving towards the $0.83 mark, following a descending triangle breakout rally.
Furthermore, the Fibonacci levels on his chart extend the price target to $0.8556. Hence, with the short-term perspective teasing a bullish move to $0.83, this will mark a monumental shift in the four-hour price chart.
This adds to the increased possibility of Cardano delivering a confirmed breakout rally. A decisive breakout above $0.83 could unlock the potential for ADA to rally further toward $1, setting the stage for a long-term uptrend.
Credit: Source link