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ADA Rockets 13% Daily as Analysts Predict $1.50 Breakout

TL;DR

  • ADA approaches $0.92 resistance; traders eye $1.50 if momentum holds after recent breakout.
  • Long-term holders keep adding the token, while short-term selling pressure stays muted this cycle.
  • Large wallets add 200M ADA; Grayscale registers Cardano trust, raising ETF speculation.

Price Action and Resistance Zones

Cardano (ADA) trades at $0.9 after climbing 13% in the past day and 21% over the week. Daily trading volume is $2.97 billion, and analysts have turned highly bullish, including Ali Martinez, who said ADA is “on the verge of a breakout to $1.50.”

On the ADA/USDT chart, the price sits near $0.84 while testing resistance at the 0.5 Fibonacci retracement of $0.83. ADA has broken out of a descending channel and is approaching the 0.618 Fibonacci level at $0.92. 

A move above $0.88–$0.92 could open the way to $1.07, $1.28, and $1.63. The structure suggests that $1.50 is possible if momentum continues.

Holder Trends and On-Chain Readings

Data from Alphractal shows long-term holders have added to their ADA positions steadily since 2021, with no signs of large-scale selling. This points to steady conviction among these investors. 

Short-term holders are showing neutral behavior with slight accumulation, unlike the heavier selling seen in the 2021 cycle.

The market temperature model, which blends MVRV Z-Score, RVT, and NUPL, shows conditions are not overheated. The reading is closer to an accumulation range than a market peak.

Risk Metrics and Whale Activity

ADA’s adjusted Sharpe Ratio has been climbing. In past cycles, readings near two have preceded sharp price rallies. This measure tracks return versus volatility over a 364-day window.

Recently, Martinez reported that addresses holding between 100 million and 1 billion ADA added more than 200 million coins. This whale activity has come during the latest price advance.

Separately, Grayscale Investments has filed to register two statutory trusts in Delaware for Cardano and Hedera. The filings, dated August 12, list them as the Grayscale Cardano Trust ETF and the Grayscale Hedera Trust ETF. 

Both are organized as general statutory trusts, suggesting possible preparation for spot ETFs tied to these assets.

The post ADA Rockets 13% Daily as Analysts Predict $1.50 Breakout appeared first on CryptoPotato.

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