Key Insights
- Whale wallets accumulate 100 million ADA, signaling strong interest during recent price stabilization.
- Cardano forms an inverse Head and Shoulders pattern, with breakout potential above key neckline level.
- ADA trades near $0.875 as traders eye $1 resistance and monitor volume for breakout confirmation.
Data from Ali Mertinez confirms a sharp rise in Cardano (ADA) accumulation by whale wallets over the past 24 hours. These wallets, holding between 1 million and 100 million ADA, collectively added 100 million tokens during this period. The spike is visible in the chart as a noticeable jump in the shaded region, which tracks whale holdings.
This increase in holdings comes during a brief recovery in ADA’s price, currently trading at $0.875. While this type of accumulation has historically coincided with upcoming upward moves, it remains uncertain whether the same pattern will repeat. The recent move could indicate renewed buying interest from large holders following a drop in price over the last week.
Technical Setup Shows Inverse Head and Shoulders Pattern
According to CryptosRus, Cardano appears to be forming an inverse Head and Shoulders pattern on the 9-day chart. This pattern often appears after a prolonged downtrend and can suggest a reversal if completed. It features three troughs, with the middle one forming the lowest point.
A neckline drawn across the interim highs is currently acting as resistance. ADA is approaching this neckline, and a daily close above it with increased trading volume would confirm the structure. Until that breakout occurs, the pattern remains incomplete. The post notes, “If this plays out, $ADA below $1 should be considered a huge discount,” but that depends on whether the price can break and hold above the neckline.
Price Activity and Market Context
Cardano is currently priced at $0.875, with a 24-hour trading volume of $2.05 billion. This marks a 3% increase over the past 24 hours but a 11% decline over the last seven days. The short-term recovery could be tied to the whale activity, but no long-term trend shift has been confirmed yet.
The price still remains below the key $1 level, which is viewed by some market participants as a psychological and technical barrier. Traders often monitor how ADA reacts around such levels, especially when other indicators — like whale accumulation and chart patterns — show potential changes in direction.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/whales-grab-100m-ada-in-24h-is-a-rally-coming/
