Cardano Climbs As Cryptocurrency Market Rebounds

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Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, experienced a notable 3.4% price increase in the past 24 hours.

Cardano’s price rally occurs amid a broader recovery in the cryptocurrency market. Bitcoin and Ethereum are also seeing slight gains of 2.5% and 2.2%, respectively.

Bullish reversal

Technical analysis on TradingView indicates that Cardano may be on the verge of a bullish reversal.

The cryptocurrency has shown a “change of market character” and broken above the resistance of a wedge pattern, suggesting a potential shift towards a more bullish trend.

This positive price action is partly driven by significant accumulation by whales or investors holding large amounts of ADA. Data from the market intelligence platform IntoTheBlock reveals that Cardano whales (those holding between 100 million and 1 billion ADA) have increased their holdings by 11% over the past 30 days, making up 6.71% of the total Cardano supply.

Such whale accumulation is considered a bullish signal, indicating that these large investors are positioning themselves for a possible price surge.

$ADA Technical analysis

Data indicates strong buy support for Cardano, around $0.36, which could help prevent a deeper correction. However, Cardano faces significant resistance around $0.50. According to technical analysis, the cryptocurrency must break above the $0.51 level on the weekly chart to confirm a bullish continuation.