Whales unload Cardano, challenging the bulls as the digital currency hovers near a rebound toward $1.00 amid consolidation.

Cardano Bullish Outlook: Analysts Predict Potential Price Surge

Cardano, the eighth-largest cryptocurrency by market capitalisation, is currently trading at around $0.81, and analysts are highlighting a bullish outlook for the digital asset.

Two analysts, MasterAnanda and Ali Martinez, have pointed towards a bullish trend for Cardano. The price of its native token, ADA, is moving within a broad ascending channel, with the Moving Average 200 (MA200) offering a strong base of support.

Despite facing selling pressure, with whale activity showing a notable exit of 30 million ADA over the past week, the potential path towards the upper end of the channel is promising. Targets stretch to $2.90 and beyond if momentum builds.

On-chain activity remains one of Cardano's strongest positives. The platform has seen record transaction volumes and rising engagement, hinting at a growing ecosystem foundation. If ADA can continue defending its support zones while volume sustains, the groundwork for another upward push towards $1.00 is already in place.

Defending key support zones around $0.75-$0.78 will be essential for Cardano to prevent deeper retracement. Analyst Mr Brownstone points out the MACD bullish divergence, suggesting a potential reversal for Cardano's ADA.

Cardano just posted over $5.3 billion in on-chain volume within seven days. If ADA can maintain support above $0.68 and push through near-term resistance around $0.85, it could move towards the $1.00 zone. A key support level for Cardano is at $0.68. If ADA can sustain this level, the chart points towards a potential bounce targeting $0.95 to $1.00 in the near term.

Analyst Mintern notes the surge in Cardano's on-chain volume, active addresses, and open interest. Consistent closes above these long-term averages, paired with volume spikes during upward pushes, suggest accumulation is ongoing.

The most recent analyst deeply studying Cardano is Dan Gambardello, who speculates that Cardano's price is close to a critical breakout level at $1.25, which would mark the start of a strong bull market phase. He forecasts a quick move potentially reaching $2 and even a new all-time high of around $10 if the breakout happens.

However, such heavy whale selling doesn't necessarily shift the long-term structure but can stall near-term recovery attempts. Holding above the $0.78 to $0.80 zone is key for Cardano.

Cardano is currently trading above key moving averages, including EMA55, EMA89, and MA200, for seven straight weeks. This indicates a strong overall trend and suggests that the digital asset may continue its upward trajectory in the coming weeks.

In conclusion, while the selling pressure from whales is a concern, the overall outlook for Cardano remains bullish. The digital asset's strong on-chain activity, support from key moving averages, and potential breakout level at $1.25 make it an interesting investment opportunity for those willing to take on the risks associated with the cryptocurrency market.