What you need to know
Cardano whales are active right now.
530 Million ADAs bought within 48 hours showed a bullish positioning despite corrections.
What is ADA’s break-out target?
If ADA rises above $0.99 and gains 25%, it could reach $1.20. This rally is supported by an ascending triangular pattern, as well as bullish indicators.
Cardano [ADA] The market has experienced a slight correction but the interest in whales is increasing, which could spark a rally.
Santiment Data: highlighted 530 million ADA accumulated by wallets holding 1–10 million coins in the last 48 hours.
Source: Santiment/X
The number of whales accumulating is on the rise
Cardano whales Those who hold between 1,000,000 and 10,000,000 ADA bought 530,000,000 coins within the last 48-hours.
The massive accumulation of ADAs could be a sign that ADA holders are about to experience a major bull market.
However, it appears that some investors are still selling their positions. CoinGlass’ data revealed $1.44million in Spot Inflows by the time of publication, indicating that sell pressure was still present despite the whale bids.
CoinGlass
The intraday market also appears to be following this trend with a heavy reliance on long-term positions.
CoinGlass showed that the Binance ADAUSDT long/short ratio reached 3,39 with 77.24% accounts being long and 22.76% of them short.
CoinGlass
These signals combined show that the bullish dominance of ADA is still at its peak despite price corrections.
Cardano Technical Outlook: Next level to Watch
ADA was trading near $0.90 at the time this article was written, down 0.90% over 24 hours. Trading volume dropped 39% on the day before, indicating that the sellers did not want to drive the price down.
This left a room for potential reversals because The market players did not appear to want to push the price down.
Further, AMBCrypto’s technical analysis showed that ADA was bullish as of press time.
ADA’s daily chart shows a triangle-shaped pattern that is textbook style. As the price moves into a tight range, it signals the pattern nearing completion.
TradingView
On the basis of this price movement, if ADA regains traction, it may see a rapid 8.50% increase and reach its neckline at $0.963.
If ADA gains momentum it may rise 8.50% towards the neckline of $0.963. Closes over $0.99 can extend gains of 25% and drive the price to $1.20.
ADA remained under the upper Bollinger Band suggesting that there is room for more upside. Supertrend turned bullish and reinforced a positive outlook.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com
