As the markets gain strength, Cardano’s price maintains a healthy ascending trend after rebounding from the local lows around $0.6. This surge has been primarily driven by the ADA/JPY pair, ranking second globally by volume in the last 24 hours, which suggests Japanese investors are fueling the ADA price rally. With this, the token has reached a crucial juncture, breaking which, the token is believed to reach the liquidity range above $1.
With the growing price range, the whales also seem to have become more optimistic. The on-chain data suggests the high-net-worth addresses are constantly opening long positions, hinting towards a short-term bullish price action for the token. Such trades indicate smart money entering the space, aiming for a potential breakout above $1.
A similar accumulation also fueled the breakout from the consolidated range below $0.4, and hence, the current whale activity is expected to elevate the levels beyond $1.2. Moreover, the technicals also seem to be in line with the growing bullish sentiments. The ADA price has been working hard to breach above the upper resistance of the channel over the past week. However, the current trade setup suggests a breakout could be inevitable.
Although the ADA price still remains stuck within a descending parallel channel, signifying the bears holding dominance over the token. The weekly MACD is about to undergo a bullish crossover, while the 50/200-day weekly MA is heading towards a bullish crossover. Moreover, the past weekly candle faced a rejection from the resistance, but the current weekly candle shows a rebound back to the range.
The current market sentiments are coiling up, and hence, the Cardano (ADA) price is expected to receive a significant bullish push. Hence, the price is expected to break above $0.85 and close the monthly trade on a bullish note, paving the way to the $1 milestone.
