• Cardano price has held the $1 value area with significant strength and buying.
  • ‘Smart money’ positions have more than doubled their ADA holdings.
  • A bullish rise seems imminent.

Cardano price continues to hold on to the $1 value area as its primary support zone. A massive amount of buying within that value area has occurred over the past ten days, with more accumulation occurring every day. The net result of this buying behavior is an anticipated rally.

Cardano price action eyes a return to $1.42 as bulls maintain intense buying pressure at $1

Cardano price could soon see a nice rally coming soon. The current trading range is one of the most constricted Cardano has traded over the past few years. It is anticipated that a bullish breakout will be at least three times as high as the consolidation zone was long.

One of the primary reasons for anticipating a bullish break is a recent alert from Santiment, highlighting the accumulation of ADA at the $1 value area. Santiment Tweeted, “… large addresses hodling between $10k and 1M $ADA, own 113% more in their collective bags since the drop on January 17th, accumulating $53.6M in tokens.”

A hypothetical long entry now exists on the Point and Figure chart of Cardano price. The entry is a buy stop order at $1.14, a stop loss at $1.06, and a profit target at $1.42. In addition, the entry is based on an Ascending Triple Top pattern, where the entry coincides with a breakout above the upper part of the ten-day trading range.

ADA/USD $0.02/3-box Reversal Point and Figure Chart

Ideally, the current O-column would drop another box, creating an opportunity to develop a Bear Trap pattern along with the Ascending Triple Top pattern. Unfortunately, the hypothetical long entry is invalidated if Cardano price drops below $0.96.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP