ADA, the native token of the Cardano blockchain, is poised for potential growth following a recent decline. The bullish outlook is supported by current market sentiment and positive price dynamics.
ADA Technical Analysis and Support Levels
Since early December 2024, ADA has decreased by over 40% in value, falling below the $1 level. However, attention from traders and investors has helped recover and enhance upward momentum. According to experts, ADA is consolidating within a narrow range near strong resistance at $0.95. If it breaks out of this range and closes above $1, there is potential for a 30% increase to $1.25 in the coming days. Conversely, it may find support at $0.72.
On-Chain Metrics Support Bullish Outlook
Data from analytics firm Coinglass shows a decrease in ADA exchange availability of $98 million in the past week, indicating growing interest from long-term holders and short-term traders alike. Open interest in ADA has increased by 8%, demonstrating heightened trader activity.
Current Price Momentum
At the time of writing, ADA is trading at approximately $0.94, with a price increase of over 5.10% in the past 24 hours. Trading volumes rose by 18%, signaling active investor participation following the bullish outlook.
ADA shows clear activity from both long-term holders and traders, supporting a positive outlook. The token is on the verge of a possible breakout and further growth.
