Cardano Price Rebounds Amid Reversal Pattern and Whale Buying, Will ADA Hit $1?

The Cardano price has remained an underperforming asset so far in 2024, registering a year-to-end (YTD) loss of 37% to trade at $0.37.

Cardano (CRYPTO: ADA) price dipped 2.78% lower on Monday during the U.S. trading session. The apex cryptocurrency dropped to as low as $0.37 as it continues to trade within a descending channel pattern on the dailyの時間枠. This bearish formation is created by two downsloping trendlines, with the upper line acting as resistance and the lower line providing support.

Cardano Price Analysis: Key Levels to Watch for a Potential Breakout or Breakdown

The recent price action suggests that ADA price is facing resistance at the upper trendline of the descending channel. If the price fails to break above this line, it could indicate a potential continuation of the downtrend.

On the other hand, a breakout above the upper trendline might signal a shift in market sentiment and the beginning of an uptrend. In this scenario, the price could rise by about 10% before encountering the next resistance at the 20-day Exponential Moving Average (EMA).

If the buying pressure persists, the ADA price is anticipated to rise further, eventually reaching the upper boundary of the channel. This price movement would mark a 37% gain from the current levels and conclude the corrective phase.

Afterward, the uptrend could continue with the next target being the $0.5 price level. Notably, this technical analysis aligns with the recent analysis by FxStreet, which highlighted a bullish scenario for ADA price with a potential rally toward $1.

Cardano Whale Buying Trend Continues Amid Price Dip: Santiment Analysis

The Cardano price has remained in a downtrend since early 2024, indicating a prolonged correction that began after a massive rally in December of the previous year. Despite the price decline, some cryptocurrencies have managed to stay afloat, with ADA being one of them.

According to Santiment data, addresses holding 1 to 10 million ADA coins have been accumulating the asset since mid-July. This sustained buying has resulted in an impressive total of 5.72 billion ADA, highlighting the strong interest in the coin at these price levels.

This accumulation might suggest that these large players anticipate a future price recovery or are taking advantage of the current price to build their positions.

Rising Transaction Costs Impact on ADA Price Movement: Messari Data

In other news, the Cardano coin price has garnered market attention recently due to a sudden spike in its transaction fees. Messari data indicates that the average transaction fee for the Cardano network surged to as high as $0.2.

This sharp increase in fees is typically linked to the growing project demand, as more users compete for network space, leading to higher fees for faster confirmations.

The above is the detailed content of Cardano Price Rebounds Amid Reversal Pattern and Whale Buying, Will ADA Hit $1?. For more information, please follow other related articles on the PHP Chinese website!