Cardano – What should you expect from ADA’s price this week?

• ADA spot inflow/outflow reveals that exchanges have witnessed a significant outflow of $129 million.
• ADA could surge by 50% to reach $1.90 if it closes a daily candle above the $1.25 level.

Cardano technical analysis and upcoming levels

According to AMBCrypto’s technical analysis of Cardano [ADA], the altcoin was consolidating within a tight range near the resistance level of $1.25 at press time. It has been over a week since the altcoin started consolidating between $1.12 and $1.24.

Experts suggest that either a breakout or a breakdown from this consolidation will determine ADA’s next move in the coming days.

Source: TradingView

ADA price prediction for December 2024

Based on recent price action, if ADA breaks above the upper boundary of the consolidation zone and closes a daily candle above the $1.25 level, there is a strong possibility it could surge by 50% to reach $1.90.

Conversely, if ADA breaks below the lower boundary of the consolidation zone and closes a daily candle below the $1.12 level, it could decline by 20% to reach $0.92 in the coming days.

Given the current market sentiment and investor interest, it appears that ADA is likely to break out and close its daily candle above the $1.25 level.

On the positive side, ADA’s Relative Strength Index (RSI) currently stands at 64, indicating that the altcoin price is below the overbought zone. This suggests that it has enough room to rise further in the future.

Rise of exchanges outflow

This bullish analysis was further supported by whales and institutions, as their interest and confidence in the altcoin have skyrocketed, according to the on-chain analytics firm Coinglass.

Data from ADA spot inflow/outflow reveals that exchanges have witnessed a significant outflow of $129 million since the beginning of December.

Source: Coinglass

Read Cardano [ADA] Price Prediction 2024-2025

In the cryptocurrency context, “outflow” refers to the movement of assets from exchanges to wallet addresses. This notable outflow indicates a potential upside rally and suggests ideal buying opportunities.

At press time, ADA was trading near $1.15 and has registered a price drop of 4.10% in the past 24 hours. During the same period, its trading volume increased by 15%, indicating heightened participation from traders and investors compared to previous days.

Disclaimer – This article has been revised after an earlier copy went out with incorrect information about ADA token unlocks