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The bullish momentum in the cryptocurrency market continues to strengthen as Bitcoin rallied high above $100k. BTC’s sustainability in six-figure has boosted most major altcoins, including ADA. The Cardano price recent rebound from $1 after a healthy retracement, and whale buying hints potential for a higher rally.
By press time, the ADA price trades at $1.102 with an intraday gain of 0.2%. According to Coingecko, the asset’s market cap stands at $39.5 Billion, while the trading volume is at $1.8 Billion.
Key Highlights:
- The Cardano price recovery backed by whale buying signals the potential for a higher breakout.
- The coin price sustainability above 50% Fibonacci retracement level indicates the broader trend remains bullish.
- A downsloping trend at $1.1 and $1.32 stands as key resistance for ADA buyers.
ADA Network Witnesses Whale Activity Boom Amid $1 Recovery
The Cardano (ADA) network witnessed a significant spike in whale activity over the past 24 hours, with 687 transactions surpassing $1 million recorded, signaling growing institutional or large investor interest.
Such substantial movements indicate heightened accumulation, often aligning with strategic market shifts. As shared by analyst Ali (@ali_charts), the data highlights a surge in network activity, correlating closely with the Cardano price rebound from the $1 floor.
The accumulation could affect market sentiment as it reflects big players’ confidence in a potential surge.
A massive surge in whale activity on the #Cardano $ADA network! In the past 24 hours, 687 transactions exceeding $1 million were recorded. pic.twitter.com/p8vzuLaFVP
— Ali (@ali_charts) December 16, 2024
Healthy Retracement Boosts Cardano Price Recovery for $1.3 Breakout
The Bitcoin price breakout from $100k has renewed recovery momentum in the altcoin market. The surge in buying pressure bolstered Cardano’s price to rebound from $1, the psychological level, which currently coincides with the 38.2% FIB level.
This degree of retracement is often considered healthy in an established uptrend as buyers could replenish the exhausted buying pressure. Thus, the ADA price surged 20% to hit $1.097, reclaiming the 20-day EMA slope.
With sustaining buying, the coin buyers could surpass the $1.32 resistance, signaling the continuation of the prevailing uptrend.
On the contrary note, a downsloping trendline in the 4-hour chart displays the current correction trend. Until the dynamic resistance is intact, the ADA price could extend the current correction.