Cardano (ADA) has seen a significant 3.4% increase in its price over the past 24 hours, signaling a potential bullish reversal. This surge comes amidst a broader market recovery, with Bitcoin and Ethereum also experiencing slight gains of 2.5% and 2.2%, respectively.
Accumulation by whales, investors holding large amounts of ADA, has played a key role in driving Cardano’s positive price action. Data from IntoTheBlock indicates that Cardano whales have increased their holdings by 11% over the past month, now making up 6.71% of the total Cardano supply. This significant accumulation is seen as a bullish signal, suggesting that these large investors are positioning themselves for a potential price surge.
Technical analysis indicates that Cardano has shown a “change in market character” by breaking above a wedge pattern resistance, hinting at a shift towards a more bullish trend. However, the cryptocurrency faces strong resistance at $0.50, with the need to break above $0.51 on the weekly chart to confirm a bullish continuation.
Currently, Cardano is priced at $0.3571, with a 24-hour trading volume of $370.8 million and a market capitalization of $12.6 billion. This places Cardano as the 11th largest cryptocurrency by market capitalization, representing 0.61% of the total cryptocurrency market cap. Over the past year, Cardano has seen a 23.6% price increase, showcasing a positive long-term trend.
Despite underperforming compared to other major cryptocurrencies like Bitcoin and Ethereum, Cardano’s future market sentiment remains relatively neutral, with the Fear & Greed Index at 50. Analysts, such as Javon Marks, have forecasted potential short-term gains of 462% and a long-term surge of 1500% to reach $7.80, based on historical breakout patterns.
Cardano (ADA) is demonstrating signs of a potential bullish reversal, driven by whale accumulation and positive technical indicators. While facing resistance at $0.50, the cryptocurrency’s ability to break above $0.51 could confirm a continuation of the bullish trend. With future projections indicating significant gains, Cardano remains a cryptocurrency to watch in the coming days.