Cardano (ADA)NewsPrice Analysis

Cardano (ADA) Primed To Make Massive Bull Run

Bitcoin is presently trying to trigger another bull run after a slight bearish momentum that saw the digital asset enter the over $27,000. Despite that, the digital asset stole the show very early in the year, with the asset breaking above the $30,000 price region to touch close to $35,000.

While everyone is busy trying to look into the Bitcoin market, Cardano (ADA) is presently trying to rival the leading digital asset for gains for the new year. As it stands now, Cardano is currently on its way to witness yet another bullish run, which could see the price rise as much as 900% in the coming days.

Market action took Cardano above the resistance figure of $0.176

Despite the digital asset trading in a stagnated momentum in the past few weeks since 2020, the bulls could take charge of Cardano, bringing it above the $0.176 resistance figure. With the bulls in action, Cardano was able to witness a 30% price rise in the last 24 hours to register a new price of $0.24.

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Notably, this is the first time the digital asset would be touching this price mark, which was last witnessed around May 20218. With the recent price action of Cardano being something that is remarkably noticeable in the entire market, only a few investors were able to get their hands on the pie and enjoy the massive profits that the coin gained in the last few days.

Despite the coin showing promise, it was not long before several market actions, including selling pressure and other on-chain analysis, were involved, which brought the price back to its previous level. Despite Cardano seeing red in the last few hours, major investors in the market appear to have bought the digital asset when it was trading at a very low region.

Investor activity needed to spike coin move

With the selling pressure gone, Cardano has been able to retest the $0.21 support level while the bulls are presently waiting for several on-chain actions to make a surge. According to an analysis by IntoTheBlock, this latest price mark is promising, and it shows that Cardano could yet be ready for another surge or might go under in the coming days.

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Its transaction details also show that it is presently encountering a demand barrier, which means that the price of the digital asset would be supported by the bulls, which would mean that a bearish run should not be expected in the coming days.

As it stands now, about 2,400 addresses have purchased nothing less than 34 million ADA. If investors continue to enjoy the profit and invest further, it could trigger the bills, which means that the digital asset price would move higher. Also, If the coin trades in a downward trajectory, then the next support is $0.19, and after hitting this level, Cardano would be able to make a price surge.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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