Cardano: A coiled spring? Whales accumulate, price rebound
Cardano price continued to consolidate this week, but the ongoing whale accumulation and its technical pattern points to a rebound.
Cardano Cardano
2.29%
Cardano, the popular layer-1 network, was trading at $0.70 on Saturday, a level it has remained at in the past few days.
There are signs that whales are starting to accumulate as they expect the price to rebound in the coming weeks. Santiment data shows that the amount of ADA coins held by whales with between 10 million and 100 million coins has jumped to 12.8 billion, up from 12 billion in January.
Similarly, whales holdin between 100 million and 1 billion coins have boosted their holdings to 3.14 billion from 2.6 billion in March. This accumulation trend may continue as sentiment in the crypto industry improves.
š„Cardano price technical analysis
The daily chart shows that ADA price has held steady at a crucial resistance level in the past few days. It is consolidating at the 50-day and 100-day Exponential Moving Averages (EMA).
The coin is also hovering slightly below the upper side of the falling wedge chart pattern. A wedge happens when there are two descending and converging trendlines. It often leads to a strong bullish breakout over time.
Such a move would push Cardano price to $1.176, the neckline of the double-bottom pattern at $0.513. A double bottom is also one of the top bullish signs in the market.
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