Cardano’s ADA Price Holds Strong During Altcoin Rally
Cardano’s native coin ADA has shown resilience during the recent altcoin rally, with its price rising from a low of $0.25 to a high of almost $0.4 before correcting downwards. This positive trend has persisted despite the broader crypto market dip, indicating potential for further growth (“Cardano’s native coin ADA”).
Falling Wedge Pattern Hinders Cardano’s Rally
A falling wedge pattern is currently impeding Cardano’s price from mounting a full-blown rally, according to a crypto analyst on TradingView. The analyst, known as CobraVanguard, has identified this pattern as a crucial obstacle for ADA. Breaking out of this pattern could lead to a significant rally, potentially pushing the price over the $0.7 level (“Cardano price”; “identifies”).
CobraVanguard’s price target after breaking out of this falling wedge pattern is over the $0.7 level. Following this trend would mean that the ADA price could rise another 100% from its current level, putting it on a recovery path similar to that of Solana (SOL) (“ADA price”). The initial target for this recovery is at $0.57, with a small retrace expected, followed by another surge that takes it straight through the $0.78 mark (“ADA price”).
ADA Whales Ramping Up Their Activity
As the bull case for Cardano continues, ADA whales are increasing their activities across the network. Data from IntoTheBlock shows a significant jump in the number of large transactions on the Cardano network, with transactions carrying $100,000 or more increasing from 4,320 to 6,110 in a 24-hour period. Additionally, transaction volumes of these large investors have also risen, indicating increased activity and potential anticipation for a bullish run (“ADA whales”; “data”).
These trends among these large investors could suggest that the anticipation for a bullish run isn’t localized to just smaller investors alone. So whales could be waiting for better prices before they begin profit-taking (“these large investors”).
Source: Tradingview.com
In summary, Cardano’s ADA has shown strength during the recent altcoin rally, with potential for further growth if it can break out of the falling wedge pattern. Additionally, increased activity among ADA whales indicates a broader anticipation for a bullish run, suggesting potential for further price appreciation.
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
View J-S Tremblay website
