Cardano’s (ADA) trading volume has exceeded $500 million, signaling a potential end to its bearish phase. The Chaikin Money Flow (CMF) has surged to 0.6, indicating a substantial increase in investor interest. On-chain activities for Cardano have also experienced a significant resurgence, with a 24-hour trading volume surpassing $550 million. As a result, the price of ADA has increased by 3% in the last 24 hours and 2% in the last seven days, reaching $0.46. This positive performance offers hope for a bullish reversal after a downward trajectory that started on March 15.
Analysts note that although the dominance of bulls is evident, ADA has not yet reversed its month-long slumping phase. To achieve a bullish trend, ADA would need to surpass $0.5761. Despite the potential time it may take to reach this level, reliable indicators suggest a renewed interest from investors. The Chaikin Money Flow (CMF) has surged to 0.6, indicating a significant inflow of money into ADA. Additionally, the Relative Strength Index (RSI) has entered the bullish zone, aligning with the market cap and fully diluted market cap.
Reports from IntoTheBlock confirm the positive indicators and reveal aggressive accumulation of ADA by whales in recent days. The transaction volume of ADA has exceeded $100,000, with an average daily volume of nearly $14 billion. Large holders of ADA, particularly addresses with between 100,000 and 100 million ADA, have been accumulating the asset.
Market analyst Cobra Vanguard has conducted a comprehensive technical analysis, identifying an expanding price channel that has been active since the beginning of the year. This pattern is characterized by higher highs and lower lows, indicating continued price volatility. The first targeted resistance is $0.52, with potential further increases to $0.57, $0.61, and $0.67. The ultimate price target, according to Vanguard, is $0.77.
Analyst Ali Martinez has also observed a bullish signal on ADA’s daily chart, predicting a rebound in daily candle activity in the next one to four days. This could mark the end of the correction phase. A report from Crypto News Flash suggests that ADA could reach $45 by 2030.
Overall, Cardano’s recent trading volume and positive indicators provide optimism for a potential bullish trend.