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- Cardano’s price surged 14% in 24 hours, driven by increased trading activity and a daily volume surpassing $1 billion.
- Key support levels at $0.8366 and $0.68 may prevent further declines.
Cardano (ADA) has gained momentum, rising nearly 14% in 24 hours amidst heightened trading activity. This surge has pushed trading volumes to $1.45 billion, reflecting increased market interest. However, ADA remains below the $1 threshold, trading at $0.9592, and faces critical support levels that could dictate its next move.
The price movement is centered around critical demand zones. According to IntoTheBlock, the interest levels in buying are $0.8366 and $0.6683. Around 223,070 wallets came together in this range to buy 1.97 billion ADA, which classifies it as a major demand zone. This area could serve as a support level to prevent further drop, giving bulls some chance to reverse the trend.
Another important level is the range between $0.68 and $0.77. Historically, this zone acted as a support level and simultaneously as the launching pad for short-term uptrends.
However, if the price falls below the wide range of $0.5973-$0.7556, it may fall heavily. Over 405,660 addresses hold 5.39 billion ADA in this range, which further supports its importance in the market.
If this level collapses, Cardano could slide by up to 46% and retest the $0.46 support level. This threshold has been a rebound point in prior pullbacks, at which 432,150 wallets held 3.5 billion ADA. Such a decline would most probably lead to considerable losses in the market area.
Historical Context and Whale Accumulation
The historical price action shows why these demand zones are significant. The $0.5973-$0.7556 range has been both a support and a resistance level at different times. For instance, this zone exerted down pressure in December 2023 and March 2024, which resulted in price rejection and correction. On the other hand, it offered support in November 2024, thus underlining the impact on ADA’s price.
The technical analysis shows signs of a reversal to the upside. On the chart, the MACD line crossed the signal line from below, pointing upwards and indicating upward pressure. The moving average also supports the positive trend, which makes it possible to expect a price rebound.
This comes in the wake of rising investor interest in Cardano, as shown by the whales’ activity. In the past two days, whales have bought more than 20 million ADA. This build-up correlates with increased trading activity, which has increased to $917 million.
These high-impact levels of participation demonstrate market interest and raise the possibility of price appreciation. For further growth, the price has to break through the $0.87 level, with support at $0.84. A breakthrough resistance level could open a path toward further gains on the upside.
Long-Term Outlook: Potential for New Highs
Renowned crypto analyst Michaël van de Poppe has also given an optimistic outlook regarding ADA’s price trend. Van de Poppe points to the current correction after a strong 2024 rally as an opportunity for a bullish turnaround.
He identified the ideal time for long-term investors to enter the market at the $0.7460 level. Based on historical price activity and Elliott Wave theory, he expects ADA to hit its new all-time high by 2025 or 2026.
