• ADA’s bounce above $0.6 was viewed with optimism by technical analysts.
• ADA’s current price was nearly 25% higher than the average price at which all coins were acquired.

Cardano [ADA] emerged as one of the best-performing large-cap cryptocurrencies lately, with impressive gains of 32% over the last week, according to CoinMarketCap.

After remaining largely contained while the rest of the market was rising, the eighth-largest digital asset found its groove in December, gaining 65% month-to-date (MTD).

A lot to cheer for ADA bulls

During the course, ADA jumped above the key level of $0.6, last visited in June 2022. This was construed as a strong bullish signal by popular technical analyst Ali Martinez.

Martinez predicted,

“With no significant resistance barriers in sight, the path looks clear for ADA to move higher.” 

 He cited $0.8-$1 as the next big challenge, breaching which would further give credibility to ADA’s bullish narrative.

Whales not very confident but…

Interestingly, ADA’s rally caused a dramatic spike in whale activity. As per AMBCrypto’s scrutiny of Santiment data, transactions worth more than $100,000 increased as the coin moved north.

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Author: Aniket Verma

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