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The overall cryptocurrency market seems confusing due to the significant price fluctuations in the past few 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 Token
In a post on X, an expert noted that whales have purchased a significant 90 million ADA tokens in the past 96 hours, which equates to the last four days. This substantial accumulation indicates an ideal buying opportunity and potential for an upside rally.
However, the ADA price appears to be struggling and facing a decline after yesterday’s impressive gain of over 7%.
Current Price Momentum
Currently, ADA is trading near $0.968 and has experienced a price decline of over 2.85% in the past 24 hours. However, during the same period, due to the recent breakout of the bullish price action pattern, investors and traders have shown strong participation in the token, resulting in a 27.5% increase in trading volume.
Cardano (ADA) Price Action and Upcoming Levels
With the recent price decline, the ADA price has reached the breakout level, and it appears that the price has come to this level for a retest, aiming for further upside momentum. As long as the altcoin maintains itself above the 200 Exponential Moving Average (EMA) on the four-hour time frame and the $0.955 level, ADA remains bullish.
ADA Price Prediction
Based on the recent price action, there is a strong possibility that ADA could soar 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 area nor oversold, indicating that the asset has enough room for significant upside momentum.
This bullish price action pattern and recent whale activity indicate potential upside momentum and an ideal buying opportunity.
