Cardano’s native coin ADA has demonstrated resilience, surging from a low of $0.25 to a near $0.4 high before experiencing a correction. Despite not being the top gainer in the crypto market, ADA’s positive trajectory has been maintained, even during a broader market dip. However, a significant obstacle seems to hinder Cardano’s ascent to a new yearly high.
A crypto analyst, CobraVanguard, shared via X post, has identified a falling wedge pattern as the primary factor limiting ADA’s potential for a full-blown rally. This pattern has materialized as Cardano’s price retraced and subsequently recovered, presenting a crucial obstacle for Cardano to overcome.
CobraVanguard’s analysis indicates that breaking out of this falling wedge pattern could trigger a substantial rally for ADA, with a price target set above the $0.7 level. The projected upward movement suggests a potential 100% increase from the current level, positioning Cardano on a recovery trajectory reminiscent of other successful altcoins like Solana (SOL).
The analyst outlines an initial recovery target at $0.57, anticipating a minor retracement before a surge toward the $0.78 mark. Resistance is expected just below $0.8, marking a crucial threshold for Cardano’s bullish momentum.
While Cardano’s bull case gains momentum, large investors, commonly referred to as ADA whales, actively participate in the network. According to data from IntoTheBlock, the number of transactions involving $100,000 or more on the Cardano network significantly increased from 4,320 on November 15 to 6,110 on November 16.
Correspondingly, transaction volumes for these large investors surged from $7.2 billion to over $10.46 billion, involving more than 27.2 billion ADA. These trends suggest that the anticipation for a bullish run extends beyond smaller investors, indicating that whales may strategically position themselves for potential profit-taking opportunities.
Cardano (ADA) Long-Term Price Forecast
Adding to the optimistic outlook for Cardano, Fiery Trading presents a bullish prediction for ADA, forecasting an 8,800% rise to $35. The analyst contends that ADA has already hit its bottom last month, citing a parallel channel formed by drawing a line between two bull-market tops and extending it to the bottom of the Corona dump.
According to Fiery Trading, this bullish pattern could propel Cardano towards a new all-time high, although the analyst expects the next market top to occur around 2025.
Cardano’s current market dynamics, bullish predictions, and increased whale activity suggest a potential surge for ADA, contingent on breaking out of the falling wedge pattern. Cardano’s next move awaits the cryptocurrency market as it navigates the path to a new yearly high.
Additionally, a well-known crypto analyst expresses optimism about Cardano ($ADA). My prediction is that Cardano will achieve a value between $30 and $35 by the year 2025. Feel free to save or bookmark this tweet for future reference.
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