Cardano: Can $1.12 spark ADA’s rebound after a seven-day dip?
The post Cardano: Can $1.12 spark ADA’s rebound after a seven-day dip? appeared on BitcoinEthereumNews.com.
ADA has dropped 9% in the last seven days. Major whales have accumulated despite the drop. Cardano [ADA] has had a turbulent week, losing over 9% of its value amidst broader market bearishness and a lack of significant catalysts. Despite this decline, an intriguing development has surfaced: whale accumulation is rising. This raises a critical question—could large investors be laying the groundwork for a price rebound? Price performance and technical analysis Cardano’s price performance has faced significant challenges over the past week. After multiple failed attempts to break through the $1.12 resistance level, the token now trades at $1.10, reflecting a marked decline. Source: TradingView Technical indicators show a more nuanced picture. The Relative Strength Index (RSI) is at 58.66, indicating a neutral position that suggests potential momentum if buying pressure increases. Furthermore, ADA remains above its 200-day moving average, around $0.77. Historically, this level has acted as a critical floor for bullish momentum. ADA recently formed a golden cross, where the 50-day moving average crossed above the 200-day moving average. However, the failure to break resistance at $1.12 raises questions about whether the token can sustain upward movement in the short term. Cardano whale accumulation: A potential contrarian signal? While price trends have been underwhelming, on-chain data reveals a different story. Whale accumulation has surged recently, with wallets holding between 10 million and 100 million Cardano significantly increasing their balances. Source: Santiment According to Santiment, these large holders now account for one of the highest accumulation levels in recent months. Such behavior is often interpreted as a bullish signal, as whales typically accumulate during perceived market lows in anticipation of future price gains. Their actions suggest confidence in ADA’s long-term potential, even as short-term price dynamics remain bearish. Active address trends and retail sentiment In contrast to whale activity,…
Filed under: News - @ December 14, 2024 6:11 pm