Summary
Cardano’s (ADA-X) on-chain activities experience a significant resurgence with its 24-hour trading volume surpassing $550 million. Interestingly, this has had a drop-down effect on the price performance of ADA, surging by 3% in the last 24 hours and 2% in the last seven days to trade at $0.46. Fortunately, this gives a glimpse of hope for a bullish reversal and extension after embarking on a downward trajectory marked by lower lows and lower highs since March 15. To analysts, this market situation was a bearish trend, lasting for over a month. Analyzing the current domination of bulls, analysts observe that the asset has not yet reversed the month-long slumping phase. According to them, ADA would have to complete an upsurge above $0.5761 and surpass it. While this could take time, the asset has already painted a positive outlook with reliable indicators confirming a rekindled investors’ interest.A quick review by CNF disclosed that the Chaikin Money Flow (CMF) had surged to 0.6, indicating a substantial increase in money inflow into ADA. On top of that, the Relative Strength Index (RSI) of the asset had moved into the bullish zone, aligning with the performance of the market cap and the fully diluted market cap.
Transaction Volume of ADA Surges Significantly: Should Investors Expect a Bull Run?
Many reports, particularly from IntoTheBlock, have confirmed these positive indicators and revealed the aggressive accumulation of the asset by whales over the past few days. On April 29, it reported that the asset’s transaction volume had exceeded $100,000 with the average daily volume of the transactions reaching almost $14 billion.
Cardano whales are busy, with an average large transaction volume of $13.84B a day in the last 7 days. For comparison, this is a third of Bitcoin’s current volume, 5x as much as Litecoin’s volume, and over 16x that of Dogecoin!
However, analysts have explained that large transactions can represent both buying and selling activities. To better explain this activity, an on-chain analytics platform Santiment has reported a potential bullish signal. According to its data, there has been an increasing accumulation of ADA among large holders, specifically, addresses containing between 100,000 and 100 million ADA.To subject the price behavior beyond on-chain activities to complex and comprehensive technical analysis, market analyst Cobra Vanguard observed an expanding price channel that has been trading since the beginning of the year. This pattern is usually marked by higher highs and lower lows, indicating a continued price for volatility.Per his assessment, the first targeted resistance is $0.52. Once successfully breached, the asset could continue to $0.57, $0.61, and $0.67. Interestingly, he believes that $0.77 is the ultimate price target.Renowned analyst Ali Martinez has also observed a bullish signal on the ADA’s daily chart, predicting a one-to-four-day daily candle rebound. According to him, this could be the end of the correction phase, coinciding with a Crypto News Flash report suggesting that the asset could hit $45 by 2030. More By This Author:Solana Surges Through Pivotal Range; Can It Reach $160 Following A 10% Jump?Bitcoin Price Surges Towards $61,000, Eyeing Potential Breakout To $67-$68k RangeXRP Market Cap Is Poised To Hit $2.61 Trillion Hints Top Crypto Analyst
