ADA Sighted a 40% Rise With On-chain Metrics Backing the Claim

Cardano News

  • Cardano set up a liquidity pool.
  • The price retracement will set the stage for 38%.
  • Cardano’s price will encounter the $1.60 resistance level.

Cardano’s (ADA) price has set up liquidity pools, the most profitable direction to be bullish. It happens through on-chain metrics, providing a tailwind to the chain. Cardano price set up a double top at $1.75 on December 02 and retraced 32% to $1.13.

A few days later, ADA created a double bottom @ $1.3 and surged 18%. However, a current upward revision will likely put the stage for the incoming bullishness to be sustained. Therefore, the bounce off the $1.26 support level puts a new swing high past $1.47, which will verify the start of an uptrend. In this scenario, Cardano’s price will encounter the $1.60 resistance level.

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Reversing this barrier into a support floor will recommend that the buyers are taking control. This move will open the way for organizing the buy-stop liquidity resting above the $1.75 hurdle. In total, the climb would comprise a 38% gain.

Supporting the bullish viewpoint for Cardano price is the recent uptick in the average transaction size from $23,877 to $83,704. This 250% point in transfer size shows that investors are curious about the price of ADA at the existing levels and are actively flowing money into it.

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While things are looking promising for Cardano’s price, there is a high chance ADA might retrace below $1.19 to collect liquidity. Investors can scoop the so-called “Ethereum killer” for a deal in this case.

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