After Cardano flipped the huge descending trend, it appeared that the price may now validate a strong uptrend. But the recent crypto market slash dragged the ADA price below $1, which appears to be a tedious job to regain. Amid the current negative market sentiments fueled by the Fed rate hikes, the price is expected to consolidate for a longer time under $1. However, if the price receives a huge influx of volume, the price may regain levels above $1.
The past week appeared to have recorded huge whale accumulations while the ADA price had plunged drastically by more than 20%. As per the data from Santiment, Cardano’s top whales have been accumulating ADA for a pretty long time, ever since the ADA price dropped from its highs at $3.1. And hence manifesting the possibilities of yet another gigantic rally fast approaching ahead.
According to the data, the whale address with more than 10 million ADA who had previously been responsible to hold 10% of the entire Cardano supply, has increased their accumulation to 46% of the entire supply. Moreover, the accumulation has ignited from Feb 2021, when the 2021 bull run went to its peak and also scrambled heavily to the lower levels. And hence it clearly indicates the whales accumulating irrespective of the market trend.
What Can You Expect from Cardano (ADA) Price?
The ADA price ever since faced rejection at $1.2 is depleting forming multiple bearish flags. The price constantly drained from teh previous day’s trade and is now on the verge to recover the losses incurred. And hence a notable rebound towards $1.2 may be extremely feasible in an upcoming couple of hours.
The ADA price after the recent slash and flips has formed a notable inverse ‘H n S’ pattern. Moreover, after a breakout, the price is on the verge to retest the neckline. With a successful retest, the price may eventually rise high towards the initial top at $0.97. After a strong breach through these levels, the Cardano(ADA) price may head towards the much-required levels above $1. No doubt it is not an easy task but the bulls could hold the levels tightly.
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Source: https://coinpedia.org/price-analysis/cardano-finds-a-strong-support-at-0-92-ada-price-may-soon-be-propelled-by-the-whales/