Cardano price started a fresh surge above the $1.00 zone. ADA is consolidating and might aim for a fresh increase above the $1.1150 level. ADA price started a downside correction from the $1.1150 zone. The price is trading above $1.00 and the 100-hourly simple moving average. There is a short-term rising channel forming with support at $1.075 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $1.1150 resistance zone. Cardano Price Starts Fresh Surge After forming a base above the $0.80 level, Cardano started a fresh increase, beating Bitcoin and Ethereum. ADA surged above the $0.90 and $1.00 levels. The bulls even pushed the price above $1.120. A high was formed at $1.1156 and the price is now consolidating gains. There was a minor decline below $1.1120, but the price remained above the 23.6% Fib retracement level of the upward move from the $0.8373 swing low to the $1.1156 high. Cardano price is now trading above $1.00 and the 100-hourly simple moving average. There is also a short-term rising channel forming with support at $1.075 on the hourly chart of the ADA/USD pair. On the upside, the price might face resistance near the $1.10 zone. The first resistance is near $1.1120. The next key resistance might be $1.1150. If there is a close above the $1.1150 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.20 region. Any more gains might call for a move toward $1.250 in the near term. Downside Correction in ADA? If Cardano’s price fails to climb above the $1.1120 resistance level, it could start another decline. Immediate support on the downside is near the $1.080 level. The next major support is near the $1.050 level. A downside break below the $1.050 level could open the doors for a test of $0.975 or the 50% Fib retracement level of the upward move from the $0.8373 swing low to the $1.1156 high. The next major support is near the $0.950 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level. Major Support Levels – $1.0800 and $1.050. Major Resistance Levels – $1.1120 and $1.1150.
The Cardano price has been in red-hot form over the past few days, making a highly anticipated return to above $1 on Friday. This recent bullish momentum made ADA the best-performing asset among the top 10 largest cryptocurrencies in the past week. While this burst of positive price action could be linked to the improving climate of the altcoin market, it appears that the increased activity of large holders (whales) is responsible for the latest price surge. Here’s how much the ADA whales bought in recent days. Cardano Whales Purchase 40 Million ADA In 2 Days Prominent crypto analyst Ali Martinez revealed in a new post on the X platform that the Cardano whales have become increasingly active in the market over the last few days. This on-chain observation is based on the increase in the holdings of investors who own between 10 million and 100 million coins. Related Reading: Analyst Says Dogecoin Price Can Break To $0.48, But This Needs To Happen First The investor cohort under review is a class of whales, which refers to entities that wield significant influence over the market due to the amount of cryptocurrencies they own. Many investors pay attention to this class of large holders, as the market often reacts to their movement. According to data from Santiment, Cardano whales acquired more than 40 million ADA tokens (worth about $42.8 million at the current market value) in 48 hours. This level of buying activity highlights the strong faith in the asset’s promise despite the sluggish market climate. As seen with the price action over the past few days, increased whale activity can have a positive impact on the price of Cardano. Hence, sustained buying activity could see the altcoin’s price to its highs of early December 2024. What Next For Cardano Price? As of this writing, the Cardano price sits just above the $1 mark, reflecting a nearly 2% decline in the past 24 hours. However, this negative performance has barely impacted the altcoin’s weekly gain, which currently stands at around 26%. In another post on X, Martinez revealed that the Cardano price is playing out like it did in the previous cycle. During the last bull cycle, the ADA token grew exponentially in less than a year, reaching the current all-time high price of $3.09. Related Reading: XRP Price Prediction To $4.9: How The 1-Day 50 MA Will Drive The Next Wave The analyst believes that if the altcoin follows the recent historical pattern, a move to $4 could be imminent. However, from the highlighted chart, the Cardano price might travel as high as $6 before hitting a major roadblock. Featured image from Solodev, chart from TradingView
In a notable show of strength amid an otherwise subdued market, Cardano (ADA) has climbed above the psychologically significant $1 mark today, January 3. Over the past 24 hours, ADA has surged by more than 11%, outpacing the mostly flat performances of other top cryptocurrencies, including Bitcoin. Within the top 100 assets by market capitalization, only Murad-memecoin SPX6900 (SPX) has registered a higher 24-hour gain, rising 30%. Over the last seven days, ADA is up approximately 20%. Although the jump appears to have come without any immediate catalyst, Cardano’s roadmap is poised for several notable protocol enhancements in the coming months. Among them are a Bitcoin-centric decentralized financial ecosystem and ongoing initiatives aimed at improving Cardano’s scalability, decentralization, and interoperability with other networks. Related Reading: Cardano Holds Crucial Support At $0.77 – Massive Rally Ahead? These fundamentals suggest that the current price action may be underpinned by broader optimism about the network’s evolution, although technical factors seem to be the primary driver. “ADA pushing through resistance like its butter. This momentum is truly explosive. Pay attention to key resistance levels, this one wants to go higher,” crypto analyst Satoshi Stacker (@StackerSatoshi) stated via X. Cardano Price Analysis On January 1, ADA/USDT decisively broke out of a multi-week downward trendline that originated at the December 2 high near $1.32. This trendline had been tested repeatedly until late December, before finally succumbing to strong bullish momentum. Following the initial breakout, ADA briefly retreated to around $0.87, only to bounce back in a textbook retest that validated the trendline breach. Supporting the bullish narrative, Fibonacci retracement levels anchored at the December 2 high ($1.32) and December 20 low ($0.76) reveal a constructive technical backdrop. The 0.236 Fib at $0.89 served as a launching pad once the trendline break was confirmed, while the 0.382 Fib ($0.97) initially rejected prices on January 2, before later giving way to further upside. Related Reading: On-Chain Metrics Reveal Cardano Whales Are ‘Buying The Dip’ – Details Subsequently, ADA surpassed the 0.50 Fib ($1.04), and this level may now act as immediate support on any minor pullbacks. The 0.618 Fib ($1.11) is the next key hurdle if bullish momentum persists, with the 0.786 Fib ($1.20) and the 1.0 Fib ($1.3282) potentially coming into play if the rally extends into the near-to-mid term. From a moving averages perspective, ADA has climbed above its 20, 50, 100, and 200 exponential moving averages on the four-hour chart. Notably, the 20 and 50 EMAs have crossed above their 100 and 200 counterparts, which indicates momentum has shifted in favor of the bulls. The volume picture further supports the breakout scenario, with 24-hour trading volume up 14.94% to $1.67 billion. A look at the Relative Strength Index (RSI) on the four-hour timeframe shows a reading of around 80, placing ADA firmly in overbought territory. This demonstrates solid buying pressure but also suggests a possibility of a short-term pullback should traders opt to take profits. Featured image from Shutterstock, chart from TradingView.com
Cardano (ADA) has surged past the 100-day Simple Moving Average (SMA), marking a pivotal moment in its price action and reigniting bullish optimism in the market. This critical breakout signals a shift in momentum as ADA eyes higher targets, with the $1.26 mark firmly in focus. ADA’s move above this key technical indicator reflects strengthening buyer interest and positions Cardano for a potential rally in the coming days. Typically, the breakout above the 100-day SMA often catalyzes sustained upward movement, drawing more buyers into the market. However, challenges remain, with resistance levels looming that could test the bulls’ resolve. Will this rally gain enough momentum to hit the $1.26 milestone, or will the bears mount a counterattack? The coming sessions promise to be decisive for Cardano, as its ability to capitalize on this breakout will determine the next move. Breaking Through The 100-Day SMA: What It Means For Cardano Cardano’s rise above the 100-day SMA is a pivotal moment in its price journey, signaling renewed strength in the cryptocurrency’s uptrend. The 100-day SMA usually acts as a key technical barrier, and breaking above it highlights growing buying interest and a potential shift in market dynamics. Related Reading: Cardano (ADA) Struggles to Hold Ground: Another Drop Incoming? This breakout is a promising sign for bulls as it opens the door for further price advances. With the $1.26 resistance level now in focus, the breakout sets the stage for a rally that could solidify the token’s bullish outlook. A move toward this target would reinforce confidence among market participants and indicate that Cardano is reclaiming its position as a strong contender in the market. Despite this positive development, the bulls must remain vigilant. Resistance zones above the current price may test the sustainability of this rally, and broader market conditions will also play a crucial role in determining ADA’s next move. Breaking through the 100-day SMA is an encouraging milestone, but maintaining this upward trajectory will be essential for a long-term trend reversal. Technical Indicators Signal Strength In ADA’s Uptrend Furthermore, the current position of the Relative Strength Index (RSI) indicator suggests that ADA’s price momentum could remain strong for more upside movement. The RSI has risen to 78%, indicating a robust bullish sentiment in the market. This elevated RSI level reflects sustained buying pressure and highlights that the bulls are firmly in control. Related Reading: Cardano (ADA) Uptrend Faces Hurdles: Will Bulls Break the Barrier? Moreover, the RSI shows no immediate signs of reversal or decline, implying that the ongoing momentum may continue to push the price higher. Such a high RSI level often signals that the asset is nearing overbought conditions. However, it can also indicate strong market confidence when supported by broader optimistic trends. If this momentum holds, ADA could significantly advance toward the $1.26 resistance level, solidifying its upward trajectory. Meanwhile, caution is necessary as unexpected changes in market sentiment or external influences might lead to a pullback, possibly driving the price back to the $0.9097 support level for a retest. Featured image from Unsplash, chart from Tradingview.com
Cardano (ADA) has faced a challenging period, experiencing a sharp 42% correction since reaching a multi-year high of $1.32 in early December. This significant decline reflects the broader market uncertainty, with increased selling pressure and cautious investor sentiment weighing heavily on ADA’s price. Despite this, on-chain data suggests a shift in dynamics, hinting at a potential recovery for the embattled cryptocurrency. Related Reading: Bitcoin Whale Moves 8,000 BTC Aged 5-7 Years – What Happened Last Time Top analyst Ali Martinez has highlighted key metrics indicating whale accumulation in recent weeks, adding a layer of optimism to ADA’s outlook. According to Martinez, Cardano’s most significant support zone lies between $0.77 and $0.68, a range that has been consistently respected by the market. This support has proven crucial in stabilizing ADA’s price, providing a base from which a recovery could materialize. The sustained interest from large holders signals confidence in ADA’s long-term potential, even amid short-term volatility. As Cardano continues to defend critical support levels, market participants are watching closely for signs of a breakout. With whale activity increasing and technical indicators aligning, Cardano’s next moves could redefine its trajectory, offering a glimmer of hope in an otherwise challenging environment. Cardano Setting The Stage For A Move Cardano has faced a sharp downturn following its explosive rally in November, entering a phase of deep correction that rattled investor confidence. Despite the recent pullback, ADA appears to be finding stability as it consolidates above critical support levels, sparking renewed optimism for a potential rebound. Prominent analyst Ali Martinez recently shared a technical analysis on X, identifying Cardano’s most significant support zone between $0.77 and $0.68. According to Martinez, ADA’s price action has closely respected this range, reinforcing its importance in preventing further declines. Should ADA continue to hold above this level for a few more days, the groundwork for a strong recovery could be laid, potentially reversing the bearish trend. Adding to the positive outlook is the behavior of large market participants. On-chain data reveals significant whale activity during this consolidation phase, suggesting that major investors are taking advantage of the lower prices to accumulate ADA. This pattern of accumulation often signals growing confidence in a project’s long-term potential, even in the face of short-term price volatility. Related Reading: Dogecoin Whales Bought Over 90 Million DOGE In 48H – Details As ADA holds its ground above the crucial support zone, market participants eagerly await a breakout. If a sustained rebound occurs, it could position Cardano for a powerful rally, reclaiming recent losses and potentially testing new highs. Price Action: Key Supply To Test Cardano is currently trading at $0.87, grappling with increased selling pressure that has kept its price subdued. Despite the challenges, ADA has demonstrated resilience by holding above key support levels, indicating that buyers are still active in the market. However, the next few days will be crucial for determining its direction. A significant price milestone lies at the $1 mark, which has acted as a psychological resistance level in recent weeks. If ADA can successfully reclaim $1 with strong volume and momentum, it could pave the way for a massive rally. Such a breakout would likely see ADA targeting its yearly high of $1.32, a level last reached during its impressive November rally. Clearing this resistance would signal renewed bullish sentiment and potentially attract additional buying interest. Related Reading: A 20%-30% Correction Is ‘The Most Bullish Thing’ That Could Happen To Bitcoin – Analyst On the downside, the risk of a deeper retracement remains if selling pressure intensifies. ADA could test lower demand zones around $0.75, which aligns with historical support levels. This scenario would likely lead to a period of further consolidation as the market seeks equilibrium. For now, ADA remains at a crossroads, with both opportunities for recovery and risks of further downside in play. Featured image from Dall-E, chart from TradingView
Cardano (ADA) has faced a challenging period, experiencing a sharp 42% correction since early December, when it reached a multi-year high of $1.32. The retracement reflects broader market uncertainties and profit-taking by investors following its impressive rally. However, recent on-chain metrics point to an intriguing shift in market dynamics: a surge in whale accumulation. Related Reading: Dogecoin Whales Bought Over 90 Million DOGE In 48H – Details Top analyst Ali Martinez highlighted key data revealing that major investors have purchased over 20 million ADA in the past 48 hours. This significant activity adds to an ongoing trend of large-scale accumulation by whales, signaling growing confidence in Cardano’s long-term potential. The renewed interest from big players comes as Cardano continues to expand its ecosystem with robust development initiatives and partnerships. This accumulation phase could mark a turning point for ADA, as whale activity often precedes market recoveries and future price rallies. While the market remains cautious, Cardano’s underlying metrics suggest resilience despite the recent downturn. Investors and analysts are now closely watching these developments to gauge whether this accumulation trend will help ADA regain momentum and climb back toward its previous highs. With whale interest intensifying, Cardano could be gearing up for a notable rebound in the coming weeks. Cardano Whales Keep Buying Cardano’s recent price correction has not deterred long-term investors, particularly whales, who seem to be seizing the opportunity to accumulate. This sharp uptick in accumulation suggests that large-scale investors are positioning themselves for a potential price breakout in the near future. Historically, significant whale activity has often preceded major market moves, and this case appears no different. The accumulation trend highlights growing confidence among influential players in Cardano’s ecosystem, even as the market has seen recent turbulence. Analysts speculate that whales could be anticipating upcoming developments or improvements within the Cardano blockchain that may fuel renewed interest and price growth. This trend aligns with broader market dynamics, where smart money often takes advantage of suppressed prices to establish positions before momentum shifts. As a result, the activity of these large holders is being closely monitored by market participants who view it as a critical indicator of ADA’s potential direction. Related Reading: A 20%-30% Correction Is ‘The Most Bullish Thing’ That Could Happen To Bitcoin – Analyst While short-term fluctuations persist, the underlying metrics paint a bullish picture for Cardano. If whale accumulation continues, it could serve as a catalyst for ADA to reclaim key resistance levels and potentially break out of its prolonged correction phase. ADA Holding Key Levels Cardano is currently trading above the $0.85 support level despite growing selling pressure in recent sessions. This key level has acted as a critical demand zone, preventing further declines and providing a foundation for potential recovery. However, ADA remains at a crossroads, as its next moves could set the tone for its price trajectory in the coming weeks. If Cardano can reclaim the psychologically significant $1 mark with conviction, analysts predict a strong rally could follow. Such a move would likely pave the way for ADA to challenge its yearly high at $1.32, set during its impressive run in early December. Breaking above this resistance could signal a broader market reversal and renew bullish momentum for the cryptocurrency. However, risks still loom on the downside. Failure to hold current support levels could expose ADA to a deeper retracement, potentially revisiting lower demand zones around $0.75. This scenario would reflect increased bearish sentiment, highlighting the ongoing battle between bulls and bears. Related Reading: Chainlink Is Forming A Head-And-Shoulders Pattern – Confirmation Could Take LINK To $14 Traders and investors are closely monitoring these levels, as they could define Cardano’s short-term market outlook. With whale accumulation trends and solid on-chain fundamentals providing support, ADA remains poised for significant volatility in the days ahead. Featured image from Dall-E, chart from TradingView
In a wide-ranging two-hour livestream on December 26, Cardano founder Charles Hoskinson addressed ongoing discussions around partnering with Ripple, advancing a Chainlink integration, and bridging Bitcoin into the Cardano ecosystem. Speaking from Gillette, Wyoming, Hoskinson provided new details and timelines for these initiatives, emphasizing security requirements and technical collaboration across multiple blockchains. Update On The […]
Cardano price started a downside correction below the $1.00 zone. ADA is consolidating and facing hurdles near the $0.920 and $0.950 levels. ADA price started a downward move below the $1.00 support zone. The price is trading below $0.950 and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $0.92 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $0.950 resistance zone. Cardano Price Starts Fresh Decline After struggling to clear the $1.00 resistance zone, Cardano started a fresh decline, like Bitcoin and Ethereum. ADA declined below the $0.9650 and $0.950 support levels. The recent high was formed at $0.9495 before the price dipped. There was a move below the $0.920 support level. The price declined below the 50% Fib retracement level of the upward move from the $0.8628 swing low to the $0.9495 high. Cardano price is now trading below $0.925 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.920 zone. There is also a connecting bearish trend line forming with resistance at $0.92 on the hourly chart of the ADA/USD pair. The first resistance is near $0.9350. The next key resistance might be $0.950. If there is a close above the $0.950 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.00 region. Any more gains might call for a move toward $1.050 in the near term. More Losses in ADA? If Cardano’s price fails to climb above the $0.920 resistance level, it could start another decline. Immediate support on the downside is near the $0.8950 level or the 61.8% Fib retracement level of the upward move from the $0.8628 swing low to the $0.9495 high. The next major support is near the $0.865 level. A downside break below the $0.8650 level could open the doors for a test of $0.820. The next major support is near the $0.8050 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.8950 and $0.8650. Major Resistance Levels – $0.920 and $0.950.
The Cardano price action has continued to stall below the $1 mark in light of corrections in the past seven days. This correction, which played out across the entire crypto industry, saw Cardano break below the $1 mark again on December 18%. Although the broader trend suggests a possible move on the weekly timeframe towards a new all-time high (ATH), recent technical analysis on TradingView has opened up the possibility for a continued correction towards $0.43 before another strong upward move. Current Price Movements Highlight Resistance And Cooling Period According to technical analysis of the Cardano (ADA) price action on the weekly candlestick timeframe, the cryptocurrency has encountered notable resistance around the $1.2046 mark. This resistance has emerged after Cardano’s remarkable 205% surge from $0.4322 in late October to $1.32 in late November. Related Reading: XRP Price Prediction: Wave 2 And 5 Targets Put XRP At $7 And $13 Interestingly, this remarkable price surge saw Cardano form significant lows that serve as support levels for the price. Furthermore, the rally ended up with Cardano entering the overbought zone on the Relative Strength Index (RSI) indicator. The rally culminated in the Cardano price peaking at 82.87 on the RSI, but it has since retraced into a cooling/corrective period where buying pressure is consolidating at the time of writing. Cardano’s consolidation has opened up outlooks as to its next direction, with substantial buying volumes observed in recent trading sessions. Deep Correction Could Test Critical Support At $0.43 While the long-term outlook remains bullish, the analysis highlights the scenario of a deep correction that could send the Cardano price falling further in the short term. With this in mind, the analyst points to support levels that ADA may revisit in the event of a deeper correction. The first key level at $0.7683 has already proven its significance, acting as a reactionary zone in recent price movements. Related Reading: Is Altcoin Season Here Already? VanEck Answers As Bitcoin Price Struggles Below $100,000 Below this, $0.4322 stands as the ultimate support for the current bullish leg. What this means is that ADA has to hold above the $0.43 support level in order for a bullish trajectory to remain valid. Failure to hold above $0.43 is likely to cascade into more price declines at this point and a change into bearish outlook. The analyst also identifies $0.3166 and $0.2427 as primary supports. These levels are Cardano’s lowest support during the previous bear market and are considered less likely to be breached in case of a longer-term decline. Despite the potential for a deep correction, Cardano’s recent market behavior and buying trends suggest a promising long-term outlook. At the time of writing, ADA is trading at $0.912 and has increased by 2% in the past 24 hours. Once the current resistance at $1.2046 is cleared, ADA is well-positioned to challenge its $3.09 all-time high and possibly establish new highs in the current cycle. Featured image created with Dall.E, chart from Tradingview.com
A key figure in the cryptocurrency sector is out on a mission to push for a bipartisan crypto policy that would redefine the regulations governing digital assets. Cardano founder Charles Hoskinson will talk with Senator John Fetterman and other Democratic senators to lobby the crafting and establishment of policies that match the circumstances surrounding cryptocurrencies. […]
In a livestream on December 21, titled “Partnerships,” Cardano founder Charles Hoskinson addressed lingering questions about the relationship between Input Output (IO) and the Cardano Foundation (CF), while also offering broader insights into the ecosystem’s path forward. During the nearly 40-minute session, Hoskinson responded to a public remark by a longtime community member, Rick McCracken, […]
Cardano (ADA) is facing increasing bearish momentum, with its price nearing a critical support level at $0.8119. This potential retest signals a pivotal moment for the cryptocurrency as market conditions turn unfavorable. Recent price action with negative signals from key technical indicators has intensified concerns about further downside risks. The Relative Strength Index (RSI) and other metrics suggest growing selling pressure, making ADA’s ability to hold above this key level a matter of significance. A breach below $0.8119 could pave the way for more losses, potentially pulling ADA into uncharted bearish territory. However, defending this support level might provide the foundation for a stabilization or recovery. As the market sentiment shifts, can Cardano regain its footing or succumb to deeper declines? This critical juncture highlights the importance of monitoring technical and market-driven factors in the token’s ongoing journey. Technical Indicators Signal Further Downside For ADA Historically, the $0.8119 level has served as a crucial threshold for price action, acting as both a support and resistance point in previous market cycles. Its proximity now highlights the mounting challenges Cardano faces as bearish momentum continues to dominate the market. Related Reading: Cardano Price Eyes Recovery Toward $2 As Million-Dollar Whale Transactions Explode On The Network The negative sentiment around the token is largely fueled by weakening technical indicators and a waning market mood. ADA remains below key moving averages, such as the 100-day Simple Moving Average (SMA), which underscores a prolonged downtrend. This alignment of the price below pivotal technical levels signals a lack of upward strength and an increased likelihood of more downside pressure. Adding to the bearish narrative is the Relative Strength Index (RSI), which has been trending lower, signaling intensified selling pressure. Currently hovering near oversold levels, the RSI reflects waning buyer interest and heightened dominance by sellers. Should the trend continue, it could pave the way for the altcoin to break below the $0.8119 mark, possibly triggering a new wave of selling. Potential Scenarios: Break Below $0.8119 Or Rebound? If ADA fails to hold above $0.8119, it may signal a continuation of downbeat momentum, potentially triggering a deeper decline. In this case, sellers might push the price toward lower support zones such as $0.6822 or even $0.5229 areas that have previously acted as stabilizing levels during market downturns. A break below $0.8119 would likely confirm seller dominance, further eroding market confidence and leading to heightened volatility. Related Reading: Cardano Could Be Heading For A 20% Correction – Technical Data Signals Bearish Price Structure On the other hand, a successful defense of the $0.8119 level could lay the groundwork for a rebound. Buyers may seize the opportunity to regain control, leveraging the support level as a springboard for recovery. This could result in ADA attempting to revisit resistance levels near $1.2630 or higher, reversing the bearish trend and reigniting optimism in the market. Featured image from Unsplash, chart from Tradingview.com
In a livestream broadcast on December 19, 2024, Cardano founder Charles Hoskinson delivered new remarks on the conflict with the Cardano Foundation, structural complications, and strategic priorities moving into 2025. “It’s About Governance” Hoskinson began by acknowledging the shift from “governance on paper” to “governance reality” throughout 2024, referencing a series of “deep and significant […]
Cardano price started a downside correction below the $1.050 zone. ADA is consolidating and facing hurdles near the $1.020 and $1.040 levels. ADA price started a downward move below the $1.020 support zone. The price is trading below $1.00 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $1.015 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $1.020 resistance zone. Cardano Price Faces Selling Pressure After struggling to clear the $1.120 resistance zone, Cardano started a fresh decline, like Bitcoin and Ethereum. ADA declined below the $1.10 and $1.050 support levels. The pair even declined below $1.00. A low was formed at $0.9151 and the price is now consolidating losses. There was a minor increase above the $0.940 resistance level. It cleared the 23.6% Fib retracement level of the downward move from the $1.1113 swing high to the $0.9151 low. Cardano price is now trading below $1.00 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $1.00 zone. The first resistance is near $1.020. There is also a key bearish trend line forming with resistance at $1.015 on the hourly chart of the ADA/USD pair. It is close to the 50% Fib retracement level of the downward move from the $1.1113 swing high to the $0.9151 low. The next key resistance might be $1.050. If there is a close above the $1.050 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.0650 region. Any more gains might call for a move toward $1.10 in the near term. Another Decline in ADA? If Cardano’s price fails to climb above the $1.020 resistance level, it could start another decline. Immediate support on the downside is near the $0.9450 level. The next major support is near the $0.920 level. A downside break below the $0.920 level could open the doors for a test of $0.90. The next major support is near the $0.8650 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.9450 and $0.9200. Major Resistance Levels – $1.020 and $1.050.
Cardano (ADA) has been through a rollercoaster of volatility, with the price experiencing significant ups and downs over recent weeks. After hitting a local top of $1.32, ADA retraced over 30%, dropping to $0.91 before returning to a critical support level. This price action has left investors speculating whether the current recovery marks the start of a new bullish phase or simply a temporary pause before further downside. Related Reading: Solana Monthly Chart ‘Looks Ready For A Monster Run’ – Details Top analyst Ali Martinez recently shared key insights on X, leveraging Santiment metrics to shed light on whale activity driving Cardano’s market movements. According to Martinez, large ADA holders began taking profits as the price rallied from $1.15 to $1.33. However, the story shifted dramatically as ADA dropped below $1, with whales accumulating again at the $0.91, signaling renewed confidence in the token’s potential. With whale activity and market dynamics heating up, Cardano has returned to a pivotal price range that could define its trajectory in the coming weeks. Investors are now closely watching whether this accumulation phase will fuel a sustainable rally or if further consolidation lies ahead for ADA. One thing is certain—Cardano remains a token to watch as volatility continues to shape its price action. Data Reveals Cardano Whales Behavior The past few weeks have been highly volatile for Cardano (ADA), reflecting the broader market’s unpredictable movements and the strategic plays of smart money. ADA has become a focal point for large investors making calculated moves as the market evolves. Top analyst Ali Martinez recently highlighted data from Santiment that underscores the pivotal role of whale activity in shaping ADA’s price action. Martinez revealed that Cardano whales began offloading their holdings as the price rallied from $1.15 to $1.33, locking in significant profits. However, as the price dropped sharply to $0.91, these same whales re-entered the market, purchasing an impressive 160 million ADA during the dip. This buying spree has sparked optimism, suggesting that smart money views Cardano as bullish over the coming months. Such activity often indicates confidence in the asset’s potential to rebound and possibly outperform. However, it’s crucial to consider an alternative perspective. This accumulation phase might also serve as a short-term liquidity strategy designed to attract retail investors into ADA, potentially setting the stage for another wave of profit-taking by larger holders. Related Reading: Ethereum Whales Load Up: Bullish Sign Or Bear Trap? As ADA hovers near critical levels, its next moves will likely depend on how these dynamics unfold. Whether this is a prelude to a sustained rally or a tactical maneuver by smart money, Cardano remains a key asset to watch in the weeks ahead. Price Holding Above $1 Cardano (ADA) is trading at $1.04, marking a swift recovery after spending only a few days below the critical $1 mark last week. This rebound showcases strong buying interest around the $1 level, which has historically acted as a psychological and technical support zone. If ADA manages to sustain its position above $1 in the coming days, the next target lies around $1.20—a price level that previously triggered significant selling pressure. Reclaiming this level would confirm bullish momentum and signal buyers are ready to challenge higher resistance zones. For ADA bulls to maintain momentum and drive the price higher, breaking and consolidating above the $1.20 mark is crucial. This would demonstrate the market’s strength and potentially pave the way for a broader rally. However, failing to claim $1.20 could result in another period of consolidation or even a pullback, as sellers may step in to defend this resistance level. Related Reading: Bitcoin Breaks ATH Pushing Back Into Price Discovery – BTC To $130K? With recent whale accumulation adding bullish sentiment, ADA’s ability to hold above $1 and target $1.20 will likely define its short-term trajectory. Traders will closely monitor these levels to gauge whether Cardano can sustain its recovery and regain upward momentum. Featured image from Dall-E, chart from TradingView
The conflict between Cardano founder and IOG boss Charles Hoskinson and the Cardano Foundation continues to escalate publicly. The conflict first came public last week when a whistleblower accused the Cardano Foundation of mismanagement led by self-interest. Hoskinson raised several accusations, the biggest one included the last-minute intervention in the now-accepted Cardano constitution. Hoskinson confirmed […]
The Cardano price has recently rejected around the $1.1 price level. Notably, the past three months have been highlighted by a remarkable Cardano surge that saw it break above $1 for the first time since early 2022 and peak at $1.3 on December 3, 2024. Although Cardano has managed to hold above the $1 mark since then, price action in the past 24 hours has been highlighted by a 3.77% decline alongside the rest of the crypto market. However, on-chain data shows that the decline has given crypto whales another opportunity to double down on their holdings. Surge In Whale Transactions Reflects Continued Confidence In Cardano A surge in whale activity on the Cardano network has brought forward another spirit of accumulation among the holder cohort, with prominent crypto analyst Ali Martinez highlighting the development on the social media platform X. Martinez noted that 687 transactions with a value of at least $1 million were recorded within the past 24 hours, pointing to increasing interest from large investors. Related Reading: Bitcoin Price Moves Similarly To The Elliot Wave Count From 2017, Why Price Can Jump Another 80% According to data from the on-chain analytics platform Santiment, this increase in activity is particularly notable, as the whale activity had been declining since the beginning of December. Particularly, Cardano whale activity declined from about 894 transactions on December 2, just before it reached its current 2024 peak of $1.3, to around 240 transactions between December 8 and December 12. Whale activity is one of the biggest indicators of a network’s performance and its price outlook. Although the whale activity could also point to whales exiting their positions, current market sentiment points to accumulation instead. Furthermore, the increase in whale activity is an indication of continued confidence in the cryptocurrency’s price outlook. The Path To $2: What Lies Ahead For Cardano? As it stands, the recent rejection at $1.11 has seen the Cardano price decline to retest the support at $1. At the time of writing, Cardano (ADA) is trading at $1.03, although there remains a risk of a further move to the downside. Related Reading: Ethereum Price Crash Incoming? Tron’s Justin Sun Unstakes $209 Million ETH From Lido Finance However, the surge in whale transactions is one bullish signal that could send the cryptocurrency on a bounce upwards due to its counterweight action against selling pressure. The next target remains a final break above the $2 threshold, which might still be achievable before the end of the year. Reaching the $2 price target, which is about 94% from its current price level, would require a general bullish sentiment in the wider crypto market. Interestingly, crypto analysts at Changelly have presented a more cautious outlook with a year-end ADA price of $1.15. Nonetheless, Cardano has more than tripled in its value in the past six weeks and it could resume this momentum anytime soon towards $2 if the bulls can continue to hold above the $1 mark. Featured image created with Dall.E, chart from Tradingview.com
Charles Hoskinson, the founder of Cardano, has called for the Cardano Foundation to relocate to a jurisdiction that allows its users to elect board members. He raised this issue in a Dec. 18 post on social media platform X while encouraging the Cardano community to question the Foundation about its board structure and decision-making processes. […]
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For Charles Hoskinson, Cardano is primed to transform the blockchain and lead the decentralized revolution. In a recent Twitter/X post, Hoskinson shared his campaign to make Cardano accessible to its users and token holders. He says governance must include everyone, and Cardano is on track to lead the change. Related Reading: XRP Fever Sweeps The […]
In his latest livestream , Charles Hoskinson, founder of Cardano (ADA) and CEO of Input Output Global (IOG), laid out a vision for the blockchain network’s governance, institutional structures, and strategic milestones leading into 2025. Over the course of a lengthy and candid address, Hoskinson wove together Cardano’s past governance efforts, current institutional frictions, and […]
The Cardano Foundation (CF) has regained control of its official X account after it was compromised in a hacking incident. The breach, which occurred on Dec. 8, saw the account misused to promote a fraudulent ADASOL token. The attackers also spread fabricated claims about the Foundation, claiming the organization faced legal action from the US […]
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Cardano price started a downside correction from the $1.1780 zone. ADA is consolidating and facing hurdles near the $1.180 and $1.200 levels. ADA price started a decent increase from the $0.910 support zone. The price is trading above $1.050 and the 100-hourly simple moving average. There is a major bearish trend line forming with resistance at $1.160 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $1.180 resistance zone. Cardano Price Eyes Upside Break After forming a base above the $1.00 level, Cardano started a fresh increase like Bitcoin and Ethereum. ADA was able to climb above the $1.050 and $1.120 resistance levels. However, the bears were active below the $1.20 level. A high was formed at $1.1781 and the price is now consolidating gains. There was a minor decline below the $1.120 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.910 swing low to the $1.1781 high. Cardano price is now trading above $1.050 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $1.150 zone. There is also a major bearish trend line forming with resistance at $1.160 on the hourly chart of the ADA/USD pair. The first resistance is near $1.180. The next key resistance might be $1.20. If there is a close above the $1.2 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.2280 region. Any more gains might call for a move toward $1.250. Another Decline in ADA? If Cardano’s price fails to climb above the $1.180 resistance level, it could start another decline. Immediate support on the downside is near the $1.10750 level. The next major support is near the $1.050 level or the 50% Fib retracement level of the upward move from the $0.910 swing low to the $1.1781 high. A downside break below the $1.050 level could open the doors for a test of $1.00. The next major support is near the $0.920 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $1.070 and $1.050. Major Resistance Levels – $1.160 and $1.180.
The Cardano ecosystem has been rocked by a series of whistleblower allegations that paint a picture of internal discord, strategic manipulation, and eroding trust at the very heart of its foundational organizations. An anonymous email, shared by prominent community member “Big Pey” (@bigpeyYT) on X, claims to expose the inner workings of the Cardano Foundation […]
In a series of statements on X, Charles Hoskinson, the founder of Cardano and CEO of Input Output Global (IOG), outlined his plans to integrate Bitcoin into a decentralized finance (DeFi) ecosystem by 2025. The plan involves leveraging Bitcoin’s liquidity and making the project a layer-2 like network. Timeline For Bitcoin DeFi On Cardano Hoskinson […]
A swathe of older altcoins colloquially known as “dino coins” have rallied while many of the newer tokens have stalled; analysts explain some of the reasons why.
Cardano price started a downside correction from the $1.325 zone. ADA is consolidating and facing hurdles near the $1.20 and $1.240 levels. ADA price started a pullback after it failed to stay above $1.30. The price is trading below $1.20 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $1.20 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $1.240 resistance zone. Cardano Price Eyes Fresh Increase After struggling above $1.30, Cardano started a downside correction. ADA unperformed Bitcoin and Ethereum with a drop below the $1.20 level. The price even spiked below $1.150 before the bulls appeared. A low was formed at $1.1173 before the price started a fresh increase. There was a move above the $1.140 and $1.1550 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $1.326 swing high to the $1.117 low. However, the bears are now active near the $1.25 zone. They protected the 61.8% Fib retracement level of the downward move from the $1.326 swing high to the $1.117 low. Cardano price is now trading below $1.20 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $1.20 zone. There is also a key bearish trend line forming with resistance at $1.20 on the hourly chart of the ADA/USD pair. The first resistance is near $1.2250. The next key resistance might be $1.2450. If there is a close above the $1.2450 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.2780 region. Any more gains might call for a move toward $1.320. Another Decline in ADA? If Cardano’s price fails to climb above the $1.20 resistance level, it could start another decline. Immediate support on the downside is near the $1.150 level. The next major support is near the $1.120 level. A downside break below the $1.120 level could open the doors for a test of $1.080. The next major support is near the $1.0450 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $1.120 and $1.080. Major Resistance Levels – $1.20 and $1.2450.
The Cardano native token is one of the top-performing digital assets this week and currently trades at $1.13 and $1.23. While its price action pales in comparison to the industry leaders this week, led by Bitcoin and XRP, ADA’s performance relative to other altcoins has still become a source of optimism for many. Related Reading: No Sweat! Dogecoin Will Hit $5 ‘Very Easy’ In 2025 – Analyst One market analyst even sees Cardano’s ADA eventually overtaking Dogecoin in the list of top cryptos by market cap. A recent comparative analysis of Cardano and Dogecoin reflects the former’s dominance over the top meme coin. ADA has surged 14% in the last week, while Dogecoin increased by just 7%. And if we’re looking at a higher timeframe, ADA also shows strength and dominance over Dogecoin. Over the last month, ADA is up by 230%, while Dogecoin registered a 116% increase. Can We Expect A Flip? Both Cardano and Dogecoin are in the Top 10 cryptos by market cap, with Dogecoin ranked 7th and Cardano at 8th. Only around $20 billion separates these two top-performing altcoins. And for crypto commentator Dan Gambardello, there’s a strong possibility that Cardano can flip the script in the next few days. Currently, $1.84 $ADA would flip $DOGE. The time is approaching. The event is imminent. pic.twitter.com/yTbcKe91Hc — Dan Gambardello (@cryptorecruitr) December 5, 2024 In a Twitter/X post, Gambardello predicted that ADA would surpass Doge and that the time “is approaching and imminent.” Interestingly, after overtaking Cardano this year, DOGE surged past XRP and USDC to become the sixth biggest crypto by market capitalization, with a $69 billion capitalization last month. However, Dogecoin’s market value dropped after hitting a peak of $0.47992. Cardano, on the other hand, is making its move, backed by solid macroeconomic data. Recently, Cardano reached a multi-month high, increasing its market cap to $45.8 billion. Given this bullish surge on Cardano, Gambardello argued that Cardano is poised to overtake Doge. This will happen, according to the analyst, if Cardano reaches $1.84. Cardano Needs Momentum To Hit $1.84 According to Gambardello, $1.84 is the magic number for Cardano to switch the script and top Dogecoin. However, he did not identify a specific timeframe for this price event. With a total supply of $45 billion, an increase to $1.84 will push the token’s market capitalization to $64.63 billion. This value will move ADA past Doge, which sits at $64.3 billion in the current market landscape. Related Reading: Market Expert: Not Long On XRP? You’re ‘Disrespecting’ Yourself Before making this assertion, the analyst first targeted a price of $3 for ADA. Analysts also shared that Cardano’s version of a bull run will start once it gets attention from institutions looking to offer exchange-traded funds or ETFs, similar to what happened to XRP. At the time of writing, ADA is trading between $1.13 and $1.23, with a market cap of $41.55 billion. Featured image from VOI, chart from TradingView
Cardano (ADA) has demonstrated impressive resilience, holding firmly above the critical $1.15 level since Monday despite an aggressive market shakeout triggered by Bitcoin’s volatility. While many cryptocurrencies struggled under selling pressure, ADA’s ability to maintain this support showcases its strength amid uncertain market conditions. Top analyst Ali Martinez highlighted bullish signs for Cardano, sharing data that points to a significant increase in whale activity. This uptick in large transactions indicates growing interest from institutional investors and high-net-worth individuals, often a precursor to substantial price movements. Related Reading: Don’t Fade Dogecoin! – Analyst Says DOGE Is About To Rally As Bitcoin’s shakeout ripples across the market, ADA’s stability above $1.15 becomes a focal point for traders and investors. If Cardano can sustain this level, it could pave the way for a bullish continuation, potentially targeting new highs. Conversely, losing this support would signal increased downside risk and likely lead to a broader consolidation phase. With ADA showing relative strength against broader market turbulence, all eyes are on its next move. Will increased whale activity and bullish sentiment drive Cardano to new heights, or will market uncertainty prevail? The coming days will be crucial in determining ADA’s direction and potential to outperform in a challenging market environment. Big Players Keep Buying Cardano Cardano has consistently set new highs and retraced to hold previous highs as support. This bullish behavior signals strong market confidence in ADA’s potential to deliver significant gains in the current cycle. Whale activity has been a key driver of this momentum, with large-scale holders of ADA significantly increasing their positions. Analyst Ali Martinez shared data on X revealing that Cardano whales have accumulated over 100 million ADA in the last 24 hours alone, valued at approximately $115 million. This surge in accumulation is a highly bullish indicator, suggesting that influential investors are positioning themselves for further upside. This activity coincides with increasing chatter about the arrival of an “alt-season,” a period when altcoins typically outperform Bitcoin and experience massive price rallies. Cardano’s solid fundamentals and growing network activity position it as a prime candidate for significant gains in such a market environment. Related Reading: SUI About To Break ATH Again – Can Bulls Target $4.20 This Week? The combination of whale accumulation, robust price action, and broader market trends indicates that ADA is ready to capitalize on the potential for massive gains this cycle. Cardano appears well-prepared to stand out as the market looks to altcoins for the next big moves. Whether it can sustain this momentum will be a critical question in the coming weeks. Price Holding Above Key Level Cardano (ADA) is trading at $1.16 following a 15% pullback from its recent local highs of $1.32. Despite this decline, the price remains above a crucial support level at $1.15, which could determine its next move. Holding above this level is essential for ADA to maintain its bullish momentum and signal the possibility of a renewed rally. If ADA sustains support at $1.15 in the coming days, a push toward higher supply zones is expected, potentially targeting a retest of the $1.32 level and beyond. This level has become a key battleground for bulls aiming to regain control and drive higher prices. Such a move would confirm the pullback was a healthy retracement within an ongoing uptrend. Related Reading: Dogecoin Is ‘Ready To Run Again’ – Analyst Expects 60% Rally However, failing to hold the $1.15 support could signal weakness and extend ADA’s current consolidation phase. This scenario might see the price oscillating in a range, delaying any significant upward movement. Traders and investors closely monitor this level as the broader market dynamics remain uncertain. ADA’s ability to stay above $1.15 will likely shape its short-term trajectory, making this a pivotal moment for the altcoin’s price action. Featured image from Dall-E, chart from TradingView
Cardano, once again, has been at the forefront of innovations in the blockchain space through this latest feat. Hydra, a layer-2 scaling solution, has successfully performed 2 billion transactions in a mere four hours, surpassing Visa’s daily volume. This marks a historic day for Cardano, marking not only its technical prowess but also a strong contender in DeFi. Related Reading: Cardano Rally Heats Up: Experts See 750% Jump Ahead Cardano: Outperforming Visa And Solana Cardano now has an advantage over big competitors thanks to Hydra’s success. Visa, recognized for its efficiency, handles approximately 0.72 billion transactions per day—less than half of what Hydra accomplished in a fraction of the time. Meanwhile, Cardano’s network has been processing over 9,900 transactions per second, surpassing Solana in transaction speed and confirming its image as a highly scalable blockchain technology. JUST IN: Cardano $ADA has crossed 9,900 transactions per second surpassing Solana. pic.twitter.com/bAOJCOraMl — TapTools (@TapTools) December 2, 2024 Investors’ interest has also risen. ADA, Cardano’s native coin, just recaptured the $1 price despite the issue of 36.84 million tokens. Another projected unlock of $21.3 million worth of ADA represents only 0.05% of the circulating supply, implying that the influence on market dynamics may be modest. Nonetheless, Cardano’s ecosystem remains resilient, because of an emphasis on efficiency and innovation. Hoskinson’s Pride And Community Optimism Input Output’s founder, Charles Hoskinson, is elated on the latest development. In a social media post commemorating Hydra’s milestone, he wrote, “Hydra hit a million. Guess we were right.” His satisfaction in Cardano’s accomplishments reflects the community’s confidence. Many people believe that Hydra’s capacity to execute enormous transaction volumes while lowering fees puts Cardano at the forefront of blockchain scalability. Hydra hit a million. Guess we were right https://t.co/uff9GusWyo — Charles Hoskinson (@IOHK_Charles) December 4, 2024 This optimism also applies to ADA’s potential price changes. A prominent community member recently stated that the blockchain’s developing DeFi ecosystem and strong emphasis on liquid staking could result in significant growth over the next market cycle. As Cardano continues to attract retail and institutional investors, expectations for ADA’s long-term value remain high. Shaping The Future Of DeFi Hydra’s achievement is more than simply a gain for Cardano; it demonstrates the expanding possibilities of blockchain technology. By outperforming traditional payment systems and other blockchains, Cardano has raised the bar for what is feasible in the DeFi market. Related Reading: No Sweat! Dogecoin Will Hit $5 ‘Very Easy’ In 2025 – Analyst As the blockchain industry continues to expand at a rapid pace, Cardano is quickly becoming more than simply a competitor. Recent results for Hydra point to even greater things to come for the platform. ADA’s price, at $1.23, shows a minor decline over the past 24 hours, but the 24.2% increase in the past week emphasizes mounting investor confidence. Cardano’s position on the blockchain is strengthened by Hydra’s capacity to handle billions of transactions in such a short period of time, hence maybe paving the path for more price rise. Driven by both retail and institutional interest, ADA’s value could experience constant increase as Cardano keeps proving its scalability and creativity. Featured image from Reddit, chart from TradingView
Tron (TRX) joined the crypto market’s rally by jumping over 100% in 24 hours to a new all-time high (ATH). Its surge ignited a bullish sentiment among crypto investors and market watchers, fueling optimism for higher targets. Related Reading: Bitcoin (BTC) Crashes 33% In South Korea Amid Increasing Political Turmoil Tron Hits New ATH After 7 Years As Bitcoin (BTC) continues moving sideways between the $94,000-$96,00 price range, many altcoins have started recording massive rallies. Cardano (ADA) recently reclaimed the $1 mark in a 200% rally, while XRP soared above the $2.5 resistance on a 300% surge. Yesterday, TRX, the native token of the Tron Blockchain, soared 104% intraday to hit its news ATH in nearly seven years. The token moved from its daily low of $0.22 to the $0.29 mark, surpassing its previous high of $0.23. The rally continued with another jump above the $0.30 barrier before climbing to its latest ATH of $0.45 on Tuesday night. The surge saw the cryptocurrency flip some crypto rivals, sending Tron back into the top ten crypto list. According to CoinMarketCap data, TRX’s market capitalization hit over $36 billion, surpassing Toncoin (TON) and Avalanche (AVAX) by this metric. Tron founder Justin Sun highlighted the feat in an X post: 6 years later. Still here. Still #BUIDLing. Things have changed, but one thing hasn’t: #TRON remains a top 10 contender. Since then, Tron has retraced around 20%, hovering above the $0.35-$0.36 zone before falling to the $0.33 mark. Despite the retrace, TRX remained the leading cryptocurrency, with 20% gains in the last 24 hours. TRX’s Rally To Continue? As TRX’s price surged, crypto analyst Javon Mar stated that Tron was “HEAVILY on what can be soon noted as a historical bullish move.” He also suggested that the cryptocurrency’s price was “far from done,” forecasting another massive rally to the $1.1 area. Similarly, another analyst noted that TRX has “finally triggered a MEGA setup from all the way back in 2018 on its dominance chart” against all other Altcoins. And added that Tron has “barely put its running shoes on.” Related Reading: Solana (SOL) Could See A Correction Despite Historic Monthly Close, $400 Still On Sight? The analyst also signaled that a test of the previous ATH was possible as a retest of that level as support could propel the token to $0.50. However, Team LAMBO advised to watch out for the $0.33 level. The analyst stated that Tron was possibly “cooking a massive bull flag on the 15-minute timeframe,” with the bottom trendline between the $0.35-$0.36 price range. A breakout above $0.42 could target the $0.60 barrier while breaking down the pattern and losing the $0.33 support would invalidate it. As of this writing, TRX is trading at $0.33, a nearly 80% surge in the past seven days and a 116% monthly jump. Featured Image from Unsplash.com, Chart from TradingView.com