Cardano eyes $0.50 milestone as whales rally behind ADA


  • Cardano price to surge to $0.50 if the resistance level at $0.44 is broken over.
  • Increased whale activity and positive active addresses and circulations indicates a bullish momentum.

Cardano’s [ADA] price is consolidating in a pennant pattern. The pennant support level has been repeatedly tested, with the most recent being a key point at $0.4394.

If the price builds up enough momentum to break over the $0.4671 resistance level, it might rise by 7.55% to $0.50.

Cardano was valued at 0.4634 on CoinMarketCap at press time, up 1.16% in the last 24 hours and 3.19% in the last seven days. 

ADAUSD 2024 06 07 12 12 50 2cc79

Source: Tradingview

Bigger flaps by Cardano whales

According to AMBCrypto’s analysis of Santiment data, there is a significant increase in the whale activity indicated by increased frequency of the whales spikes.

This suggests that large holders are accumulating Cardano at an unprecedented rate. The surge in interest among the big players may indicate a bullish rally.

Cardano ADA 10.53.47 07 Jun 2024Cardano ADA 10.53.47 07 Jun 2024

Source:Santiment

How increasing activity, circulation can fuel Cardano

The active addresses and circulation data on Santiment show an increasing trend, indicating more activity, acceptance, and demand for ADA.

This might drive a positive moment, allowing the price to break over the resistance and even reach $0.50.

The previous time the price experienced an equal number of addresses and trend was on 21st May, when the price increased by 7.55%.

If the same spike occurs, the price will increase to $0.50.

Cardano ADA 10.53.53 07 Jun 2024Cardano ADA 10.53.53 07 Jun 2024

Source:Santiment

What next for Cardano?

Based on the whale activity and the technical analysis, ADA is projected to surge in the near future.

The recent spike in active addresses and circulation trends could signal increased institutional interest and capital inflows into the Cardano ecosystem.


Is your portfolio green? Check out the Cardano Profit Calculator


If the price manages to break past the resistance level at $0.4671, it may pave the way for additional upward momentum, bringing prices closer to $0.50.

However, if the price falls below the support levels, a reversal or consolidation period is likely.

 

Next: Bitcoin Open Interest reaches record levels: Could $80K be next?



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