With the anticipation of the first spot Bitcoin (BTC) exchange-traded fund (ETF) fueling a rally in the cryptocurrency sector, Cardano (ADA) is keeping up with the sentiment, adding over 6% to its price in a single day as it moves to overturn the losses from previous weeks.
Furthermore, Cardano is demonstrating a chart pattern eerily similar to its price action in 2018-2020, which might mean consolidation around its current levels for the time being, according to the observations by crypto industry expert Ali Martinez in an X post shared on January 9.
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However, as the renowned crypto trading analyst added, the upcoming consolidation would stick around until April, “setting the stage for a potential resumption of the bull run” for the currently eighth-largest asset in the crypto market, as his chart analysis shows.
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At the same time, a bullish sign for Cardano is the increased accumulation of large ADA amounts by whales, as Martinez himself pointed out when he noted that “Cardano whales bought over 14 million ADA, worth around $8.40 million,” in an X post published on January 4.
Cardano price analysis
Meanwhile, Cardano was at press time changing hands at the price of $0.518, recording an advance of 6.34% on the day, as opposed to the 18.29% drop across the previous week and the decline of 11.55% on its monthly chart, as per the most recent data.
All things considered, Cardano is moving in a positive direction at the moment and witnessing a significant surge in trading volume (both in the spot and derivatives markets) that earlier soared by more than 100% in a single day, as the total turnover surpassed a whopping $900 million on January 7.
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