Date: Wed, Nov 27, 2024, 10:36 AM GMT
In the cryptocurrency market, Bitcoin (BTC) has been riding a bullish wave since Donald Trump's victory in the U.S. elections, hitting a new all-time high of $99,655. Riding on this momentum, Cardano (ADA) has also made headlines with an impressive 197% rally over the past 30 days. After a brief correction over the last three days, $ADA has gained momentum again, surging nearly 10% today.
Source: Coinmarketcap
Whale Inflows During Recent Dip
After hitting a recent high of $1.10, ADA corrected by over 23%, dropping to a low of $0.90 between November 23 and 27. However, during this dip, significant whale activity was observed. Crypto analyst @ali_charts reported that Cardano whales accumulated over 130 million ADA tokens, signaling strong interest at these lower price levels.
Source: @ali_charts (X)
Is A Big Move on the Horizon?
At the time of writing, ADA is trading at $1.00 and has just broken out of a symmetrical triangle pattern at the $0.99 level. This pattern is often seen as a continuation indicator, suggesting that the price could be set for a major upward move.
If ADA successfully retests and confirms the breakout, it could aim for its recent high of $1.15, and possibly as high as $1.40. Historical patterns also support this outlook—a similar breakout from a symmetrical triangle previously led to a 40% rally, indicating that history might repeat itself.
Conclusion
Cardano is showing strong signs of recovery, fueled by bullish technical patterns and significant whale accumulation during the recent dip. If the breakout sustains, ADA could be on the verge of another big rally.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
