Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion<\/i><\/p>\n Cardano [ADA]<\/span><\/a> overcame the resistance zone above $0.2660 after Bitcoin\u2019s [BTC]<\/a> rally on 6 January. BTC\u2019s rally was partly influenced by favorable macroeconomics.\u00a0<\/span><\/p>\n The S&P 500 Index (SPX) surged from 6 January as investors remained optimistic about a further drop in Fed rates. Similarly, the enthusiasm in stock markets resonated well with other asset classes, including BTC.\u00a0<\/span><\/p>\n BTC rallied throughout 6 January and managed to retest $17.50K on 11 January. ADA and the rest of the altcoins also rallied. <\/span>However, ADA was stuck in another resistance range at press time and oscillated between $0.3145 and $0.3252. Can the bulls overcome this hurdle?<\/span><\/p>\n Read <\/span>Cardano\u2019s [ADA] Price Prediction<\/span><\/a> 2023-24<\/span><\/p>\n Source: ADA\/USDT on TradingView<\/p>\n<\/div>\n The bulls had the upper hand, given the RSI was in the overbought zone and OBV has increased recently. As such, ADA bulls could attempt to break above $0.3292 and retest the overhead resistance at $0.3457 in the next few days.<\/span><\/p>\n A bullish BTC, mainly if triggered by favorable CPI data on 12 January, could push ADA to aim at $0.3827, a 20% potential rally.\u00a0<\/span><\/p>\n Alternatively, bears could force ADA prices below $0.3145, which would invalidate the above bias. Nevertheless, such a downward move could find steady support at $0.2997 and rebound, forcing ADA to trade within its previous mid-November and mid-December trading range of $0.2997 \u2013 $0.3292.\u00a0<\/span><\/p>\n Source: Santiment<\/p>\n<\/div>\n Cardano\u2019s network has seen massive building by developers since 1 January, as evidenced by the uptick in development activity. Although ADA prices peaked around 9 January, development activity continued to soar.\u00a0<\/span><\/p>\n Similarly, ADA saw a handful of whale transaction counts (>$1M) in the last few days. At press time alone, there were about four transactions of more than $1 million. The supply distribution chart offered extra clarity on the transactions.\u00a0<\/span><\/p>\n Source: Santiment (Supply distribution)<\/p>\n<\/div>\n Here is the breakdown of major whale category dominance and actions at press time:\u00a0<\/span><\/p>\n Selling pressure came from those distributing the coins, while demand came from the whales that were accumulating.\u00a0<\/span><\/p>\n Are your holdings flashing green or red? Check with <\/span>ADA Profit Calculator<\/span><\/a><\/p>\n\n
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\nCan bulls overcome this resistance range hurdle?<\/h4>\n
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<\/a><\/p>\nADA recorded an increased whale transaction count and development activity<\/h4>\n
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