Cardano Aims for Price Breakout to $1.11 Amid Whale Accumulation
The total crypto market cap remains stable at $1.2 trillion, while Cardano (ADA) aims for a breakout rally. However, recent market pullbacks have hindered its recovery.
Cardano's Price Movement
- Cardano is forming a falling wedge pattern on the daily chart.
- Resistance is found at $0.8121, limiting bullish momentum.
- Recent price action showed a recovery of nearly 15% with two consecutive bullish candles.
- Opposition from the 23.6% Fibonacci level also affects the recovery.
- The overall sentiment remains bullish despite short-term pullbacks.
- The MACD indicates a potential positive crossover.
- Cardano has reclaimed the 200 EMA line, reducing bearish crossover risks between the 50 and 100 EMA lines.
Whale Activity
- Since November 2023, wallets holding at least 1 million ADA tokens have accumulated over 1.41 billion ADA, valued at more than $1 billion.
- This accumulation represents 2.35% of the total supply, indicating growing investor confidence.
- Increased large-holder inflows suggest institutional interest in ADA.
Price Targets
- A bullish breakout from the falling wedge could lead Cardano towards $1.11, based on Fibonacci retracement levels.
- The $1.00 mark serves as a medium-term target, while support is critical at $0.68.