ADA, the native cryptocurrency of the Cardano ecosystem recorded a 3.3% drop during Thursday’s market session, currently trading at $0.71%, This selling comes as an immediate counterattack by sellers after yesterday’s FOMC meeting triggered market-wide recovery. While the altcoin market shows an intact correction trend, the renewed interest from whale investors shows potential for Cardano price recovery.
Key Highlights:
- A symmetrical triangle pattern shows the current consolidation of Cardano’s price.
- Whales accumulated 190 million ADA tokens in 24 hours, signaling renewed interest.
- A potential breakout from the triangle pattern will push the ADA price past the $1 barrier with a 38% gain.
Cardano Price Faces Key Consolidation as Whales Accumulate ADA Tokens
In a recent tweet, market analyst Ali Marteniz highlights that whales have accumulated a substantial 190 million $ADA (Cardano) tokens in the last 24 hours. This surge in buying activity from large investors signals a notable uptick in interest surrounding Cardano.
As of now. The Cardano price is 76.35% down from its all-time high of $3.1. Historically, an accumulation cycle from the big players has coincided with the market bottom, indicating the potential for a bullish reversal.
Triangle Pattern Suggests Possible 38% Surge
For nearly two weeks, the Cardano price has been trading sideways around the psychological level of $0.7. This consolidation when observed in the 4-hour chart shows the formation of a triangle pattern, as two converging trendlines bound the price trajectory.
As the triangle range squeezes, the ADA coin is poised for an imminent breakout, likely happening by the March end. If the whale buying trend continues, the coin price could breach the overhead trendline and march toward the $1 mark, accentuating 38% growth.
On the contrary, if sellers force a breakdown below the triangle support, the coin price could seek support at the $0.6 floor. This level coincides with a long-coming support trendline, which buyers must defend to prevent a major correction fall.
Also Read: Ethereum Price to Hold $2,000 Floor as Whale Activity Hints Buy-the-Dip Sentiment
