What happened?
The Cardano (ADA) price prediction has become bearish in recent months, with many investors abandoning the cryptocurrency due to its struggle to regain momentum. Despite 5-month sentiment lows, ADA has quietly surged 14% in the last 30 days with on-chain analysis still predicting a potential breakout.
Who does this affect?
This situation impacts ADA’s current investors who are hoping for a return to bullish market behavior. Whales, or large holders of the cryptocurrency, have particularly noted this trend. They’ve been buying the dip since early August. Also affected are potential investors who may see the current trend as a buying opportunity.
Why does this matter?
This matters as it indicates a potential market shift for ADA that could result in significant profit for both current and prospective investors. The technical structure is favoring a gradual rise towards a breakout zone. If Cardano follows the Wyckoff parabolic curve pattern, it could see a breakout, representing a gain of over 40% from current prices. This would greatly impact the cryptocurrency market, especially for those invested in or watching ADA.