During Monday’s U.S. trading session, the crypto market witnessed accelerated selling pressure, which triggered a total liquidation of $806.03 million. As a result, the leading cryptocurrency, Bitcoin, plunged below $80,000, and Ethereum breached $2,000. While the majority of assets follow the same momentum, the Cardano price shows potential for reversal as whale accumulation rises.
Key Highlights:
- The formation of a cup-and-handle pattern drives the current accumulation trend in Cardano price.
- The ADA price correction could plunge another 12% before testing a strong test
- Crypto whales purchased 180 million ADA, signaling a buy-the-dip sentiment.
Whales Accumulate 180M ADA as Cardano Eyes Recovery
Over the past week, the Cardano price showed a notable downturn from $1.175 to $0.68 current trading value, registering a loss of 42%. Amid this correction, market analyst Ali Martinez highlights that whales have accumulated over 180 million ADA in the past week.
His post was accompanied by a visible increase in large-scale accumulation, suggesting heightened investor interest in the asset as it navigates market fluctuations. While ADA’s price projects a high-momentum selling, the whale activity could signal growing confidence in Cardano’s long-term prospects.
Historically, the buying pressure from high-net-worth investors has bolstered an asset for bottom formation and resulted in a high-momentum rally.
Cardano Price Nearing Major Support Test of Reversal Pattern
Since December 2024, the Cardano price has showcased a sideways to a slight downward trend, which struggled to surpass above $1.25. While the near-term price swing shows no clear initiation from buyers or sellers, the broader chart analysis reveals the formation of cup and handle patterns.
As its name suggests, the chart setup shows a major accumulation trend in a U or saucer shape and a temporary correction with a handle. If the pattern holds true, the falling Cardano price could seek support at $0.58 and renew the exhausted bullish momentum.
With the weekly EMAs (100 and 200) supporting the $0.58 floor, the coin price is likely to rebound and rechallenge $1.24.
The aforementioned neckline resistance is crucial for buyers to exit the long-coming accumulation.
Also Read: Coinbase to Launch 24/7 Futures Trading in US Following SEC Case Dismissal
