Key Highlights
- Cardano currently trades between $0.21 and $0.224, posting modest weekly gains
- Market analyst forecasts possible climb to $2.90, representing approximately 14x upside
- Decentralized exchange activity on Cardano network tripled within 48 hours, rising from $2M to $7M+
- Large holders with 1Mā10M ADA balances have purchased 60 million tokens since the weekend
- Momentum indicators like RSI and MACD signal bullish conditions
Cardano (ADA) maintains its position around $0.224 as of Friday’s trading session, building on gains after establishing support at critical moving average levels earlier in the week. The digital asset has climbed approximately 17% over the past seven days, bolstered by heightened on-chain activity and strategic accumulation from large-scale investors.
A crypto market analyst posting on X has presented an optimistic projection for ADA, suggesting the token could experience a 14-fold appreciation that would propel its value from current levels to approximately $2.92. According to this perspective, Cardano may have already established its cycle bottom and is positioning for a substantial upward trajectory.
Market observer Sssebi expressed confidence on X, noting that “$ADA is not giving up” and highlighting that “the longer it tests the resistance, the higher chance to break it.” These remarks accompanied ADA’s persistent attempts to breach key overhead resistance zones.
Blockchain analytics from DeFiLlama reveal that Cardano’s decentralized exchange volume has experienced a remarkable three-fold expansion over a 48-hour period, surging from $2.01 million to $7.28 million. This dramatic increase indicates substantial growth in platform engagement.
Major Investors Drive Accumulation Trend
According to analytics platform Santiment, addresses containing between 1 million and 10 million ADA tokens have collectively acquired 60 million additional coins since Sunday. This strategic dip-buying activity from substantial holders has provided crucial price support during the week.
The total value locked within Cardano’s ecosystem has experienced growth as well, expanding from 268.47 million ADA on August 28 to 299.81 million ADA currently, representing an increase of more than 31 million ADA in less than two weeks. Additionally, DeFi platform RealFi has confirmed plans to deploy on the Cardano blockchain beginning October 1.
Futures market metrics from CoinGlass indicate ADA’s long-to-short ratio stands at 1.10, approaching its highest point in over 30 days. Funding rates have also shifted into positive territory, registering 0.0087% on Friday, demonstrating that the majority of leveraged traders anticipate further price appreciation.
Chart Analysis and Price Levels
ADA currently trades above both its 50-day and 100-day exponential moving averages, though it remains beneath the 200-day EMA. The Relative Strength Index reads 64, indicating bullish momentum while staying clear of overbought conditions. The MACD indicator has recently crossed into positive territory.
Primary resistance levels are located at the 61.8% Fibonacci retracement near $0.231, followed by $0.236, and the 200-day EMA region around $0.245. Downside support can be found near $0.213, with the 100-day EMA providing additional backing at $0.198.
A noteworthy development: the total stablecoin market capitalization on Cardano has contracted from $67.95 million to $63.97 million, based on DeFiLlama data.
The current long-to-short ratio of 1.10 combined with the positive funding rate of 0.0087% recorded Friday underscore the prevailing bullish sentiment within derivatives trading venues.
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