Date: Fri, Nov 22, 2024, 11:01 AM GMT
The cryptocurrency market has seen a significant bullish wave since Donald Trump’s victory in the U.S. presidential elections on November 5, 2024. Bitcoin (BTC), the market leader, has continued its meteoric rise, hitting a new all-time high of $99,502 today. Alongside Bitcoin, Cardano (ADA) has been riding this bullish trend, posting remarkable gains.
Over the past 30 days, ADA has surged by an impressive 150% and today it continued its bullish momentum by double digit gains of over 13% as currently trading at $0.892 with a market capitalization of $31.26 billion.
Whale Activity Fuels ADA’s Rally
A key driver of ADA’s bullish performance is the growing activity of large holders, or “whales.” According to data from @ali_charts, whale accumulation has skyrocketed. Wallets holding over $10 million worth of ADA have increased their holdings by an astonishing 145.72% in the last month. Supporting this, the recent report from CoinDesk reveals that whales now collectively hold over $12 billion in ADA, highlighting their strong conviction in the asset.
Is a +40% Move on the Horizon?
Since November 5, ADA has experienced a 164% surge, rising from $0.32 to its current price of $0.89. Technical analysis suggests that further gains could be on the way.
Weekly Chart Analysis
On the weekly chart, ADA has broken past its key resistance level of $0.8092. This breakout signals potential for further upward momentum, with the next major resistance level at $1.26—a target representing a +40% increase from the current price.
Daily Chart Analysis
The daily chart reinforces the bullish outlook. After successfully flipping the $0.8092 resistance into support, ADA is now eyeing minor resistance levels at $0.9017 and $0.9739. If the cryptocurrency can break through these barriers, it is likely to reach the main resistance level at $1.26.
Outlook and Conclusion
Cardano’s current momentum, coupled with strong whale accumulation and a bullish market environment, sets the stage for a potential 40% rally toward $1.26. However, ADA will need to maintain its current strength and overcome minor resistance levels along the way.
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