Large-scale Cardano (ADA) investors have shown confidence in the market by accumulating a substantial number of tokens.
Analyst CryptosRus noted that whale wallets acquired over 100 million ADA within a day. This accumulation coincides with the formation of an ascending triangle pattern on the ADA price charts, indicating a potential bullish breakout.
The substantial accumulation of ADA tokens by whale investors points toward growing market interest. Data shared by CryptosRus through X indicates that major holders added over 100 million ADA to their positions during a single 24-hour trading period.
The current market data from CoinGecko shows ADA trading at $1.20, marking a 0.53% gain over 24 hours and a 14.83% increase across seven days.
What you'll learn 👉
ADA Analysis Reveals Bullish Pattern
Per the chart by CryptosRus, the price action of ADA has formed an ascending triangle pattern. It is characterized by a steady horizontal resistance level near $1.225-$1.23 and an upward-sloping support line.
The pattern emerged following ADA’s movement from $0.9 to $1.2. Market analysis indicates multiple tests of the resistance zone, with the support line connecting progressively higher price floors during the formation period.
Read also: Here’s Why Dogecoin (DOGE) Price Could See an Epic Breakout Soon – Analyst
Price Zones and Market Structure
The market structure presents clear support and resistance zones for traders to monitor. The primary support aligns with the ascending trendline at $1.115-$1.12, while a secondary support zone exists at $1.03-$1.05.
The horizontal resistance at $1.225-$1.23 has proven its strength through multiple price rejections.
Technical projections based on the triangle pattern suggest a potential move toward $1.53, calculated by adding the pattern’s height to the breakout level. The 24-hour trading volume stands at $2,878,834,575, reflecting active market participation.
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