- Cardano’s double-bottom pattern suggests a breakout, with $0.70 as key support for a $1 target.
- Whale accumulation of 40 million ADA signals strong investor confidence in a potential bullish reversal.
- A break above $0.80 could confirm ADA’s uptrend, pushing toward $1 this month.
The Cardano price is showing bullish signals as analysts identify a potential double-bottom pattern on its weekly chart. After a prolonged downtrend, the cryptocurrency has entered an accumulation phase, suggesting that selling pressure is easing while buyers begin stepping in. Analysts highlight $0.70 as a key support level, which, if maintained, could drive the altcoin price toward the $1.00 mark.
According to the analyst’s Crypto Lycus post, the Cardano price is exhibiting signs of forming a double-bottom pattern on the weekly chart. The technical formation typically indicates strong support and suggests a potential reversal from the prolonged bearish trend. The pattern reflects a period where the price has tested a lower boundary twice, signaling that buyers are stepping in at key support levels.
A breakout above $0.70 is crucial for ADA, as sustaining this level could provide the momentum needed for further upward movement. If buying pressure continues to build, the next target for the top altcoin would be the resistance at $1.00. If ADA fails to hold above the support level, a retest of lower price zones between $0.50 and $0.40 remains a possibility. However, analysts suggest that the overall sentiment remains optimistic, with accumulation taking place at current levels.
Cardano Price Holds Above $0.70 Support
Cardano price has shown signs of a potential surge as whales have been actively accumulating large amounts of ADA. With a total of 40 million ADA purchased, many are watching closely for signs of a breakout. Currently, the ADA price is holding steady above the $0.70 support level, following a sideways trend in the market.
The ongoing rally in ADA price has been making waves with a significant whale transaction. According to the information, a significant investor has purchased 40 million ADA, sending a strong market signal. The buying has made significant changes to the ADA market that led to a stable increasing trend of its pricing model. An ADA’s buying transaction could create market momentum that would bring more investors to increase ADA’s value even more.
Currently, the price of ADA is about $0.70 with a $0.02 drop compared to the previous day and represents a 3% decline. Due to an overall decrease in the crypto market Cardano’s price went down as well. The mid-term prediction of Cardano’s price still hovers around $0.60 to $0.80, but it has a strong chance of increasing further when the $0.80 mark is surpassed.
Read More: Cardano (ADA) Breakout Incoming, Coinbase & ETF Developments Fuel Optimism