Key Takeaways
- Cardano (ADA) faces minor resistance of around $1 as bulls aim to push its price higher than $1.3. A break and close above $1 could see the price rally higher.
- Whales accumulate more Cardano around $0.85 as retailers and investors are sidelined following its bullish breakout.
- Crypto analysts remain optimistic regarding the ADA price chart ahead of 2025 following several bullish indications of price continuation.
| Token Name | Dogecoin (DOGE) |
| Current Price | $0.95 |
| Market Capitalization | $33.66B |
| Total Circulating Supply | 35.13B ADA |
| Daily Support | $0.9 |
| Weekly Support | $0.8 |
| 1 Year Performance | 55% |
Cardano (ADA) captured the hearts of many crypto enthusiasts before the end of 2024, rallying to a high of $1.3 from its region of $0.4, but towards the end of 2024, the price of ADA dropped towards $0.85, which has been spoken as a healthy price retracement after a rally of over 300% within a short time.
Onchain data shows whales have taken advantage of Cardano (ADA) dropping towards $0.85 to accumulate a larger buy position, with over $160M ADA following its recent correction.
As the crypto market starts looking promising after the much-anticipated holidays and with volume coming back into the market, Cardano (ADA) likes are starting to show some bullish price actions, as crypto analysts make a bullish price prediction of $2 for ADA.
Cardano (ADA) Market Sentiment
Source – Cardano (ADA) Market Sentiment From Coinmarketcap
Cardano’s price action looks great following a break above $0.9. The price itches closer to $1 as more bullish sentiment builds for ADA, leading to more price speculation.
With ADA’s price action above its 50-day and 200-day EMAs (Exponential Moving Averages), its only obvious price would be higher in the coming days.
Is Cardano A Strong Buy? Cardano (ADA) Price Analysis
Source – Cardano (ADA) Price Chart From TradingView
Cardano’s price action is a strong buy signal for bulls. After reaching a peak level of $1.3 in early December 2024, the price of Cardano (ADA) suffered a price retracement due to a sell-off to a region of $0.85, where it continued in a short accumulation phase as bulls built more momentum and price action to the upside.
Despite bears trying to push ADA’s price lower, the price of Cardano (ADA) was more dominated by bulls holding off sell orders. The price looked set for a more upside rally after breaking out of its bullish range channel, called an ascending triangle.
Cardano’s successful break trading above $0.95 has garnered more attention as bulls and whales accumulate more ADA as price eyes a rally above the past yearly high of $1.3 towards a high of $2 and possibly a new all-time high above $3.5.
Key Support For ADA – $0.85
Key Resistance – $1
