Cardano (ADA) Price Analysis: Bullish Reversal in the Making as Whales Accumulate

Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, experienced a notable 3.4% price increase in the past 24 hours.

Cardano (ADA) price showed a promising 3.4% surge in the past 24 hours, fueled by a broader recovery in the cryptocurrency market.

Bitcoin and Ethereum also experienced slight gains of 2.5% and 2.2%, respectively, contributing to the overall positive market sentiment.

Technical analysis on TradingView suggests that Cardano might be experiencing a bullish reversal.

The cryptocurrency encountered a “change of market character” and broke above the resistance of a wedge pattern, indicating a potential shift towards a more bullish trend.

This positive price action is also driven by significant accumulation by whales or investors holding large amounts of ADA.

According to data from the market intelligence platform IntoTheBlock, Cardano whales (those holding between 100 million and 1 billion ADA) have increased their holdings by 11% over the past 30 days, now holding 6.71% of the total Cardano supply.

Such whale accumulation is typically considered a bullish signal, as these large investors are positioning themselves for a possible price surge.

Technical analysis reveals strong buy support for Cardano at around $0.36, which could help prevent a deeper correction.

However, the cryptocurrency faces significant resistance at around $0.50. For a bullish continuation to be confirmed, Cardano must break above the $0.31 level on the weekly chart.

At the time of writing, Cardano is priced at $0.3571, with a 24-hour trading volume of $370.8 million.

Its market capitalization is $12.6 billion, which represents 0.61% of the total cryptocurrency market cap, making ADA the 11th largest cryptocurrency by market capitalization.

Over the past year, Cardano's (ADA) price has increased by 23.6%, indicating a positive long-term trend.

However, ADA has underperformed compared to 58% of the top 100 crypto assets and is still lagging behind major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Cardano's all-time high price of $3.09 was reached on September 2, 2021, while its lowest price of $0.01925 occurred on March 13, 2020.

The current market sentiment around Cardano is neutral, with the Fear & Greed Index at 50.

Despite the recent price drop, Cardano shows positive future market activity. Based on historical breakout patterns, analysts like Javon Marks have predicted a potential short-term gain of 462% and a long-term surge of 1500% to $7.80.

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