Summary
TLDR: Cardano price is potentially breaking out towards new highs, influenced by bullish whale accumulation and a falling wedge pattern. However, a sell signal on price-DAA divergence could trigger a decline to $0.500. Always do your own research before making financial decisions.
Key Points
1. Cardano price is looking at a potential breakout, which could propel the altcoin toward new year-to-date highs.
2. Whales’ move largely impacts Cardano’s price, be it buying or selling. This was evident in how ADA moved over the past few weeks as the whales opted to offload their holdings. However, this changed in the previous ten days when addresses holding between 1 million and 10 million ADA accumulated nearly 50 million ADA worth $30.3 million. This pushed their total holdings to 5.79 billion ADA. This is a bullish signal which translates to an increase in Cardano price.
3. Cardano price, at the moment, is charting candlesticks moving in a falling wedge pattern, generally known to be a bullish reversal pattern, as rallies tend to take place following a breakout. Based on this pattern and the fact that ADA is close to breaking out, Cardano’s price will likely post a 32.91% rise. This would bring the third-generation cryptocurrency to $0.813.