Analyst Arman Shaban has made predictions regarding the future price movements of Cardano based on Smart Money Concepts. He identified key resistance levels and potential price growth up to $1.33.
Price Movement Analysis of Cardano
Cardano has traded within a range of $0.54 to $0.60 over the past week, with a swing low on July 1 before rebounding to $0.6045. Shaban's analysis suggests that the current market structure indicates a potential repeat of previous bullish runs, similar to that in December 2024.
Historical Patterns and Predictions
The previous bearish order block formed after ADA's surge to $0.79 in March 2024, with resistance noticed at $0.58-$0.62. Based on past price moves, ADA fell to $0.27 in August 2024 before rising to almost $1.32 in December of that year. Projected short-term targets are $0.61 and $0.76, while long-term targets include $0.93, $1.05, and $1.33.
User Activity Growth on the Network
On-chain metrics reveal a 11.99% increase in daily active addresses over the past week, indicating growing interest and engagement with the Cardano ecosystem. New address creation rose by 4.79%, and zero-balance addresses increased by 12.26%, suggesting revived interest from previously inactive users.
The combination of technical analysis and increasing user activity forms a promising scenario for Cardano's price increase. However, there are risks associated with overall cryptocurrency market volatility and the necessity to break through current resistance levels.
