Is Cardano (ADA) Price About to Explode to $0.60? Three Things to Watch Today

Cardano’s price started off Tuesday at $0.50 in the convergence zone between two 60-day trend lines with key support at $0.50. ADA tokens are flashing some interesting market signals as a result.

The Ethereum competitor and blue chip cryptocurrency is flashing some interesting technical signals, such as a falling wedge and surging trading volume. Moreover, as the Cardano price stayed above $0.50 while testing falling resistance in January, the number of ADA holders with losses recovered significantly.

Cardano Price Technical Signals

Cardano’s price has held up at $0.50 support since a major rally from $0.38 to $0.67 the first week in December. But it faced two sharp tests from bears on Jan. 7 and Jan. 25th.

Meanwhile, ADA repeatedly tested falling resistance at $0.62 the last week in December, $0.58 the first week in January, and $0.53 the last week in January.

As a result, the support line at $0.50 is about to converge with the falling line of resistance, forming a falling wedge pattern on the Cardano price chart.

This is often a signal of a reversal to a bullish trend channel with the price rising again. But resistance can also continue falling, breaking support and reversing to a bearish trend.

Before continuing, here are five massive Cardano price predictions you should know about:

Up 54% in Trading Volume (Coinglass)

According to CoinGlass data, ADA token trading volume surged 54% in 24 hours Wednesday, showing the market is shuffling around to take positions based on a bullish or bearish prediction.

The combined sales of spot and derivatives markets for ADA almost topped $1 billion Wednesday, moving nearly 6% of the digital smart contract token’s total market capitalization.

ADA Holders In The Profit

According to Santiment data, 30-day Market Value to Realized Value (MVRV) for Cardano price has recently recovered from -17% to -3%. That means nearly all ADA token owners are holding the asset at a profit.

Crypto Capital Venture founder Dan Gambardello recently predicted the ADA price will skyrocket to $11 in 2025. That would entail a $400 billion market capitalization for ADA.

The post Is Cardano (ADA) Price About to Explode to $0.60? Three Things to Watch Today appeared first on CryptoPotato.