Cardano (ADA) Eyes Potential Rally to $2.47 Amid Consolidation Phase

Total MarketCap:$3,384.94B-3.55%

24H Vol:$85.98B

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SoSo Daily May 17 | Hong Kong police have busted a cross-border money laundering syndicate, arresting 12 individuals involved with 15 million USD.

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Jan 22, 2025

Cardano ($ADA) is currently in a consolidation phase, trading at $0.996 with resistance at $1.09. Despite a 2% gain, trading volumes have decreased by 40% to $1.4 billion, and market capitalization has dropped by 14% to $35 billion, indicating weak buying pressure. However, $ADA's weekly chart suggests a potential rally to $2.47, mirroring past price patterns. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate bullish momentum despite reduced volumes. Rising network activity, with daily active addresses reaching 50,828, could support the rally, although a surge in DeFi activity is needed. The market shows a bearish sentiment with a Long/Short Ratio of 0.824, but a short squeeze could trigger a recovery.

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