Cardano (ADA) price is currently consolidating below a descending trendline, indicating a bearish technical formation. However, there are signs that the altcoin market is experiencing a revival, which could lead to a reversal in ADA’s price.
If ADA manages to break and close above the resistance level at $0.5410, the price could climb by 30%. This would lead to further resistance levels at $0.5908 and $0.6412. In a highly bullish scenario, ADA could reach $0.6800, completing a 30% climb.
Supporting this bullish outlook are on-chain metrics, such as increased social mentions for the ADA token and a spike in trading volume, including whale transactions involving large amounts of ADA. These factors suggest growing activity and interest in ADA, which could contribute to its price rise.
However, if ADA fails to break the descending trendline, it could continue to decline and potentially test the support level at $0.4668, nearly 10% below current levels.
Overall, the current market conditions and on-chain metrics suggest a potential upward movement for Cardano’s price, but it is important to monitor the break and close above the resistance level for confirmation of a bullish trend.