Highlights
- In the past week, ADA price has surged nearly 20%, reflecting improving macroeconomic conditions.
- Whales have accumulated 130 million ADA cryptos in three days, indicating strong market confidence and potential price growth.
- Also, analysts has identified an inverted head and shoulders pattern, suggesting a possible rise.
The Cardano price (ADA) has spent nearly 6 months in a range of $0.60 to $1.32 since the start of the 2024 elections. Despite ongoing market volatility, ADA crypto has consistently held above a key high-volume support level on the daily chart.
Last week, the crypto industry showed signs of stability, with Cardano crypto mirroring this trend. The ADA price has stabilized around this crucial support level, demonstrating its resilience.
Over the last seven days, the Cardano price had surged nearly 20% from this support block, currently holding onto 12% of those gains at $0.7217.
This upward movement suggests that macroeconomic factors are beginning to align favorably for the crypto market. As these are contributing to the rise of the ADA price and other altcoins.
Recently, the U.S. reported a decrease in inflation rates, which has also positively impacted the crypto sector, including Cardano.
Following this price revival, market experts are increasingly optimistic about Cardano crypto’s future, with some even setting ambitious targets.
This optimism is also reflected in on-chain activity, as most recent data shows that whales have been accumulating ADA cryptos during price dips. In fact, large investors have purchased 130 million ADA over the past 72 hours.
Keep reading to know more.
Cardano Price Poised for a Rise Amid Robust Whale Accumulation
In a remarkable display of confidence, ADA market whales have accumulated 130 million tokens in just three days. This surge in buying by large investors suggests they are anticipating significant price growth for Cardano.
On-chain data further reveals that the total holdings of these major ADA crypto investors have seen a substantial increase, indicating a strategic effort to bolster their positions.
Crypto analyst Ali Martinez has noted this trend, emphasizing that these large investors are actively enhancing their holdings.
Market experts believe that if whale accumulation continues at this pace, the Cardano price could experience a short-term price recovery.
Adding to the bullish sentiment, market analyst diplomat_crypto has identified an inverted head and shoulders pattern forming in the Cardano price chart.
This technical formation typically signals an impending price rise. A close above $0.76 on the 4-hour chart could set ADA crypto on a path for a 10% gain, targeting $0.85.
Traders are now closely monitoring the 200 EMA resistance level at $0.83, as it could challenge the upward price movement.
However, if ADA price can break above this resistance with increased trading volume, it may pave the way for new price highs.
Analyst Gives Ambitious Target for Cardano Price
In addition to the bullish sentiment surrounding Cardano price, analyst CryptoELITES has identified a Cup and Handle pattern in the token’s price movements. This technical formation could signal a potential breakout above key resistance levels.
CryptoELITES highlights that the critical breakout resistance for Cardano price is set at $3.23. If ADA successfully breaks above this level, it could surge toward $6.45, as indicated by Fibonacci extensions.
Should the bullish momentum continue, the price could reach $9.33, following the 1.414 Fibonacci extension level.
Adding to the excitement is the increasing institutional interest in ADA crypto, which is fueling market enthusiasm.
According to Polymarket data, the probability of ADA ETF approval has risen significantly from 20% to 70%. This shift suggests that major financial firms, including Grayscale, may be ramping up their accumulation of Cardano crypto.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
