Cardano gains traction: ADA bulls eye $0.80 resistance next

Cardano has spiked by approximately 3% as whale activity and RSI pointed towards growing bullish momentum. A breakout from the forming triangle pattern could be the next significant move for Cardano. Cardano [ADA] gained nearly 3% in the past 24 hours, according to CoinMarketCap. The uptrend appeared to be more than a modest gain. Backed by strong technical signals and increasing whale activity, ADA may be setting up for a larger rally. As of the time of writing, ADA was trading near a major support level at $0.68. The Relative Strength Index (RSI) was far into the oversold territory. This typically suggests a reversal opportunity and in ADA’s case, it seems to be playing out. Buyers are regaining confidence, which could take the price even higher. Source: TradingView ADA large orders indicate whale interest Providing further credibility to the bullish case is on-chain data that points to a rise in Spot Average Order Size. For the newbies, this is a key metric that reflects the amount of ADA per order on exchanges. The recent rise in order sizes generally suggests the presence of whale or institutional investors. Typically, when large holders place significant bets, the market momentum usually leans in their favor. In Cardano’s case, the spike in average order size suggests that big players are positioning themselves ahead of a potential breakout. If their momentum sticks, it could act as a catalyst for broader price acceleration. Source: CryptoQuant Triangle pattern tightens—breakout incoming? Adding to the setup, ADA’s daily chart now shows a tightening triangle pattern. The pattern usually precedes a breakout, although it does not necessarily point to the direction. However, with momentum now turning positive and whales now getting into the act, the breakout could fall in the bulls’ favor. The altcoin volume is also rising gradually, adding more strength to the breakout prospect. Traders and investors can keep a close watch for a daily close above the triangle’s resistance line, which could trigger further buying pressure. All eyes on the next resistance Should ADA break out with force, the nearest resistance is between $0.70–$0.80. A push past this zone could lock in a trend reversal and open up more upside. Should the breakout fail, though, ADA could retest the lower boundary of the pattern. For now, the sentiments look optimistic. As technicals align and whales ramp up their activity, ADA might just be positioning itself for an ultimate bullish move. Source: https://ambcrypto.com/cardano-gains-traction-ada-bulls-eye-0-80-resistance-next/