Cardano [ADA] has experienced significant growth over the past 30 days, breaking free from a three-year slump and reclaiming the $1 benchmark. The altcoin’s price action has yet to deliver robust bullish momentum, but broader market optimism continues to keep it in the spotlight of speculation.
Despite warning signs of correction, Cardano bulls have held strong, avoiding major pullbacks. However, momentum slowed in the past week, even with Bitcoin breaking $100K. This suggests that investors are uncertain about ADA’s position in the current market.
Looking ahead, the next three weeks could see heightened activity before Q4 wraps up and the new year kicks in. Historically, December to February has been a time of high liquidity for Cardano, with significant movement and breakouts in each yearly cycle.
If history holds true, Cardano could potentially break through $2 in the coming days, setting its sights on a new all-time high. Large-scale accumulation by whales appears to be following this strategy, accumulating over 20 million ADA tokens at an acquisition price of $1.21.
However, it won’t be a walk in the park. For Cardano to reach its target from its current market value, it will need a push of over 60% — a tough hurdle, especially with current market volatility and RSI still in an overbought state. The key is to hold until these factors stabilize.
Buying the dip now makes sense for three reasons: strong whale backing, year-end anticipation, and patience from bulls. This psychological factor plays a key role in ensuring that the $1 level doesn’t slip away from their grasp.
Source: https://ambcrypto.com/cardanos-2-target-why-buying-ada-now-makes-sense