Can Cardano [ADA] rise to $1.70? Take notes, traders

A technical analysis predicted consolidation followed by a strong upward breakout.

Edited By: Saman Waris

• ADA’s trading activity declined over the last few days, implying lack of conviction.
• ADA’s popularity on social media fell drastically.

Cardano [ADA] sank more than 9% in the last 24 hours, as Bitcoin’s [BTC] sharp correction left the broader altcoin market bleeding.

The slump dragged ADA below $0.70, and the eighth-largest cryptocurrency was exchanging hands at 0.66 at press time, according to CoinMarketCap.

Trading volume for the coin dipped below $1 billion on the 16th of March, AMBCrypto noticed using Santiment’s data. The lack of trading interest coincided with a further drop in ADA’s investor sentiment.

Is a rise to $1.70 possible?

Amidst the downside, an optimistic forecast surfaced, which could well be of interest to ADA’s bullish traders.

Popular on-chain analyst and trader Ali Martinez identified patterns in ADA’s price chart that were very similar to those between 2018 and 2021.

Martinez predicted that if history repeats itself, ADA could consolidate in the $0.55 — $0.80 range, followed by a jump to $1.70.

After this, a second phase of consolidation could occur, opening the door for ADA to reach $5.

ADA gives bearish vibes

AMBCrypto examined some other technical indicators to gauge ADA’s status in the market.

The Relative Strength Index (RSI) was below the neutral 50 at press time. Typically, the 40-50 zone acts as a support during the bull market. An upward bounce from this zone could rekindle bullish narratives.

On the contrary, a dip below 40 would mean that bears were back in the market.

The Moving Average Convergence Divergence (MACD) crossed from above to below the signal line, signaling a potential start to the bear market.

Whales lose interest

In line with the overall market apathy, whales too swam away from ADA, as demonstrated by a significant reduction in transactions valued at more than a million.

How much are 1,10,100 ADAs worth today?

The decline reflected uncertainty about ADA’s next movements, with whales employing the wait-and-watch strategy.

Social buzz also cooled down as mentions of the crypto on popular crypto-focused social channels dropped sharply.