Cardano witnesses a price pullback and eyes a breakout rally

December was an eventful month for Cardano, with numerous developments occurring regarding the coin. The Identity Wallet, which the Cardano Foundation has just released, facilitates the development of a DID (Decentralized Identity).

The wallet will support existing and upcoming identity standards, frameworks, and ecosystems. Identity Wallet is compatible with W3C standards and is currently only available for the Cardano ecosystem.

The development was followed by massive changes in Cardano’s market position. ADA/Cardano soon witnessed $1.5 billion in whale transactions in a 24-hour window. The average value among these transactions was $100K, pushing ADA’s aggregated volume from $18 billion to $19.5 billion.

The increase in value of Cardano tokens corresponds to a surge in significant transactions, which have increased from $32.32 billion ADA to $33.66 billion ADA. As expected, the development stimulated crypto traders to take a closer look at Cardano.

Going through a precise ADA crypto price prediction was the most natural decision for traders. It is worth noting that Cardano has registered a whopping 73.3% increase in December 2023 alone.

The coin went from $0.37 to $0.647 in a couple of weeks. Its recovery is aligned with the overall market sentiment, the number of large transactions, and network updates.

The upward movement of ADA was shortly hindered by a sudden supply pressure. This pushed the coin to $0.51, molding the 4-hour time frame chart to a Pennant pattern. The development indicates a minor pullback before the next big jump.

Currently, ADA is accumulating an intraday gain of 11.8%, waiting for a decisive breakout through the resistance level. Under ideal circumstances, the post-breakout rally can push ADA through the $0.737 and then the $0.87.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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