- Cardano established a liquidity pool.
- The price retracement will pave the way for a 38 percent retracement.
- Cardano’s price will meet the $1.60 resistance level.
The price of Cardano (ADA) has created liquidity pools, making it the most rewarding direction to be positive. It happens through on-chain measurements, giving the chain a boost. For example, on December 2, Cardano’s price formed a double top at $1.75 and then retraced 32% to $1.13.
ADA had a double bottom at $1.3 a few days later and soared 18 percent. On the other hand, a recent upward adjustment is likely to set the stage for the impending bullishness to be sustained. As a result of the bounce off the $1.26 support level, a new swing high has been established above $1.47, confirming the commencement of an uptrend. Cardano’s price will hit the $1.60 barrier level in this scenario.
By converting this barrier into a support floor, the purchasers will appear to be in charge. This action will pave the way for the organization of buy-stop liquidity above the $1.75 barrier. The climb would be a 38 percent gain in total.
The recent increase in the average transaction size from $23,877 to $83,704 supports the positive perspective on Cardano pricing. In addition, this 250 percent increase in transfer size indicates that investors are interested in the current price of ADA and are actively investing in it.
While the price of Cardano appears to be on the rise, there is a good probability it may retrace below $1.19 to collect liquidity. In this situation, investors can get a good price on the so-called “Ethereum killer.”