The post Cardano Faces 9% Weekly Drop While Rising Whale Accumulation Hints at Potential Price Rebound appeared on BitcoinEthereumNews.com.

Cardano (ADA) faces a challenging landscape with a 9% decline over the week, yet an increase in whale accumulation hints at potential bullish momentum. Despite the drop, major investors appear to be positioning themselves for a possible price recovery, diverging from the declining retail participation. As reported by Santiment, whale wallets holding substantial ADA have seen significant increases, suggesting strategic accumulation amid market uncertainty. Cardano (ADA) drops 9% this week, but rising whale accumulation could signal a potential price recovery against declining retail engagement. Price performance and technical analysis of Cardano Cardano’s recent price action has been marked by a notable struggle. The token, having faced strong resistance at the $1.12 level, now trades around $1.10. This indicates a substantial retracement, reflecting broader market bearishness. Source: TradingView The Relative Strength Index (RSI) currently sits at 58.66, suggesting neutrality with potential for upward momentum should buying interest return. ADA’s price remains comfortably above the key 200-day moving average at approximately $0.77, a level traditionally supportive of bullish trends. Notably, the formation of a golden cross, evidenced by the 50-day moving average surpassing the 200-day movement, is a bullish indicator. However, with repeated failures to breach the $1.12 resistance, the sustainability of upward momentum remains uncertain. Cardano whale accumulation: A potentially bullish indicator? On-chain metrics reveal significant whale accumulation, especially among holders possessing between 10 million and 100 million ADA tokens. This recent spike in accumulation indicates that larger investors are taking an optimistic stance on Cardano’s future, contrasting sharply with the price downturn. Source: Santiment The declared increase in large wallet balances signals their confidence in ADA, often seen as a bullish indicator during market corrections. This strategic accumulation suggests that whales anticipate a resurgence in ADA’s price long-term, notwithstanding the current bearish sentiment. Active address trends and retail sentiment fluctuations…

---

Filed under: News - @ December 14, 2024 6:18 pm