Cardano Price to $0.69? Bullish Hints Surface as Breakout Nears
Cardano shows bullish signals, including a potential falling wedge breakout and increased whale accumulation, suggesting a possible move toward $0.69.Summary
The Cardano (ADA) price has risen about 13% from its December 25 low and is currently testing the upper trendline of a falling wedge pattern, which suggests a potential reversal. A daily close above the wedge's upper trendline near $0.38 could trigger a 79% upside move targeting $0.69. This bullish outlook is supported by three key signals: a bullish divergence on the Relative Strength Index (RSI) where price made a lower low but RSI made a higher low; accumulation by whales holding 100 million to 1 billion ADA, who increased their holdings by nearly $41 million since December 26; and a sharp 22% drop in coin activity, indicating reduced selling pressure from older wallets. For the $0.69 target to become realistic, ADA must first confirm the breakout above $0.38, reclaim the critical $0.47 resistance level, and then move past $0.51 and $0.55. If ADA fails to hold $0.34, the bullish scenario is weakened.
(Source：BeInCrypto)