ADA, the native cryptocurrency of the Cardano (ADA) blockchain, has been making waves in the crypto market lately.
ADA, the native cryptocurrency of the Cardano blockchain, has been making waves in the crypto market lately.
Despite facing criticism from some quarters, ADA has emerged as one of the strongest high-cap coins around. It’s been surging in value, and some predict that it could soon return to the $1 mark.
Cardano may be on the brink of a significant shift, with a bullish signal suggesting the end of the token’s bear market. According to pseudonymous trading expert Trend Rider, the same signal confirmed the shift for Bitcoin (BTC) when it was at $22,000, indicating a potential rise in ADA’s value.
The signal was identified on the 1-week timeframe, indicating a long-term trend reversal. If the signal holds true, it could mean a brighter future for Cardano and its investors.
Potential for Cardano bull run. Source: Trend Rider
Cardano price analysis
Currently, Cardano is trading at $0.438, up 6.33% in the last 24 hours and a further 15.62% in the previous week, with a total market capitalization of $15.2 billion. With the price climb, ADA has had an influx of over $2 billion into its total market worth and briefly climbed as high as $0.44, its highest price since September, before undergoing a marginal retracement.
Cardano 7-day price chart. Source: Finbold
As Finbold reported on April 13, crypto trading expert Ali Martinez proposed that Cardano is ‘poised to confirm a head and shoulders pattern, which could ignite a 44% breakout, potentially propelling ADA’s price to $0.60.’
It’s also worth mentioning that Cardano’s recent surge in popularity is not just limited to technical indicators and price predictions. ADA was also attracting the attention of some significant players in the market.
In the final weeks of March and early April, large holders of the cryptocurrency, known as “whales,” have been actively trading in the market. These whales were able to acquire 560 million ADA tokens, equivalent to a substantial $218.4 million in value.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Read more cryptocurrency news on Finbold.com.