- ADA has broken out of a bullish inverted head-and-shoulders pattern, with a potential 42% rally targeting $1.63 if it holds above $1.15.
- Whales recently accumulated 130 million ADA tokens, signaling strong confidence from large investors ahead of potential bullish momentum.
- ADA is trading at $1.14 with a 1.20% daily gain, supported by an 11% increase in trading volume, reflecting growing trader interest.
As the excitement builds ahead of President-elect Donald Trump’s inauguration, bullish momentum is surging across the crypto market. Cardano’s ADA token, in particular, has broken out from a bullish inverted head-and-shoulders pattern on the daily chart, signaling the potential for significant upside.
ADA Technical Breakout and Targets
- ADA recently broke out from a bullish pattern, clearing the way for a possible 42% rally if it maintains support above $1.15, potentially reaching $1.63.
- The Relative Strength Index (RSI) at 63 suggests the token has room for further growth, aligning with the overall positive market sentiment.
Whales and Traders Fuel Optimism
- On-chain data reveals that whales accumulated 130 million ADA tokens between January 15–16, indicating strong confidence from large holders.
- The ADA Long/Short ratio stands at 1.10, with 53% of top traders holding long positions, reinforcing a bullish stance among market participants.
Current Market Dynamics
- ADA trades near $1.14, up 1.20% in the past 24 hours, with an 11% increase in trading volume, signaling heightened interest as traders align with the broader market recovery.
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