The overall cryptocurrency market seems confusing due to significant price fluctuations in recent days. Amid this market uncertainty, crypto whales appear to be accumulating Cardano (ADA) tokens, as reported by a prominent crypto expert on X (formerly Twitter).
Whales buy 90 million ADA tokens
In an article on This substantial accumulation indicates an ideal buying opportunity and upside recovery potential.
However, ADA price appears to be in trouble and facing a decline after yesterday’s impressive gain of over 7%.
Current Price Dynamics
Currently, ADA is trading near $0.968 and has seen a price drop of over 2.85% in the last 24 hours. However, during the same period, due to the recent breakout of the price uptrend, investors and traders showed high participation in the token, leading to a 27.5% increase in trading volume.
Cardano (ADA) Price Action and Upcoming Levels
With the recent price decline, ADA price has reached the breakout level, and it appears that the price has reached this level for a retest, aiming to continue its bullish momentum. As long as the altcoin holds above the 200 exponential moving average (EMA) on a four-hour time frame and the $0.955 level, ADA remains bullish.
ADA Price Prediction
Based on recent price action, there is a strong possibility that ADA could surge by 17.5% to reach the next resistance level of $1.135 in the coming days. On the positive side, ADA’s Relative Strength Index (RSI) is neither in the overbought nor oversold zone, indicating that the asset has enough room for significant upside momentum.
This bullish price action pattern and recent whale activity indicate potential bullish momentum and an ideal buying opportunity.
