Cardano (ADA), the eighth-largest cryptocurrency by market cap, experienced a 3.4% price increase in the past 24 hours.
Cardano’s rally happens amid a broader recovery in the crypto market, with Bitcoin and Ethereum also showing gains.
Cardano may be nearing a bullish reversal, analysts say. It has broken through a resistance wedge pattern, signaling a possible trend shift.
The price action is driven by significant accumulation by whales. IntoTheBlock data shows Cardano whales (holding 100M-1B ADA) raised their holdings by 11% in 30 days.
This whale accumulation signals a possible future price surge. Strong buy support for Cardano is around $0.36, which could prevent a deeper correction.
However, Cardano faces major resistance at $0.50. A break above $0.51 on the weekly chart is needed to confirm a bullish trend.
Currently, Cardano is priced at $0.3571 with a 24-hour trading volume of $370.8 million. Its market cap stands at $12.6 billion.
In the past year, Cardano’s price has risen by 23.6%, though it has underperformed compared to 58% of the top 100 crypto assets. It trails behind Bitcoin and Ethereum.
Cardano’s all-time high was $3.09 on September 2, 2021, and its lowest was $0.01925 on March 13, 2020. Current market sentiment around Cardano is neutral.
Despite a recent drop, Cardano shows positive future market activity. Analysts predict a short-term gain of 462% and a long-term surge to $7.80.
