Cardano (ADA) Price Prediction: Whales Begin Accumulating, Targeting $1 Breakout

The Whales have begun to accumulate, anticipating a breakout to the $1.15 liquidity zone, which shows remarkable potential growth for the ADA price

Cardano price has shot up in recent times, and this move has seen the token post a potential breakout from the local lows, which has turned the ADA price prediction bullish.

The Whales have also begun to massively accumulate the token, in anticipation of the breakout to the $1.15 liquidity zone, which shows remarkable potential growth for the ADA price.

Going further, as the markets gain strength, Cardano’s price continues to maintain a healthy ascending trend after surging from the local lows around $0.6.

This surge can be primarily attributed to the ADA/JPY pair, ranking second globally by volume in the last 24 hours, suggesting that Japanese investors are actively fueling the ADA price rally.

However, with this, the token has now reached a crucial juncture, at which it faces the threat of rolling over. But if it manages to break through, it could continue its ascent to the next liquidity range above $1.

With the price action showing potential, the whales also seem to have become more optimistic.

The on-chain data from Santiment suggests that high-net-worth addresses are constantly increasing their long positions on the token, hinting towards a short-term bullish price action for the ADA token.

Such trades usually indicate smart money entering the space, aiming for a potential breakout above $1.

A similar accumulation also fueled the breakout from the consolidated range below $0.4, and hence, the current whale activity is expected to elevate the levels beyond $1.2.

Moreover, the technicals also seem to be in line with the growing bullish sentiments. The ADA price has been working hard to breach above the upper resistance of the channel over the past week.

However, the current trade setup suggests that a breakout could be inevitable, especially if we consider the bearish divergence on the RSI indicator.

Although the ADA price still remains stuck within a descending parallel channel, signifying that the bears are still holding slight dominance over the token, the technicals hint at an impending shift in momentum.

The weekly MACD is about to undergo a bullish crossover, while the 50/200-day weekly MA is heading towards a bullish crossover.

Moreover, the past weekly candle faced rejection from the resistance, but the current weekly candle shows a rebound back to the range.

This indicates that the bears were unable to sustain the downturn, leading to a recovery by the bulls.

The current market sentiments are coiling up, and hence, the Cardano (ADA) price is expected to receive a significant bullish push.

Hence, the price is expected to break above $0.85 and close the monthly trade on a bullish note, paving the way to the $1 milestone.