The cryptocurrency market has been experiencing significant price fluctuations in recent days, causing confusion among investors. However, amidst this uncertainty, crypto whales have been seen accumulating Cardano (ADA) tokens, according to a well-known crypto expert on X (formerly Twitter).
The expert shared on X that whales have purchased a substantial 90 million ADA tokens in the last 96 hours, equivalent to the past four days. This significant accumulation suggests an attractive buying opportunity and the potential for an upward rally in the near future.
Despite this bullish sentiment, the price of ADA seems to be struggling and facing a decline following a 7% gain yesterday. Currently trading near $0.968, ADA has experienced a decrease of over 2.85% in the past 24 hours. However, the token has seen a 27.5% increase in trading volume, indicating strong participation from investors and traders.
In terms of price action, ADA has reached a breakout level after the recent decline, signaling a potential retest 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, the bullish trend is likely to continue.
Looking ahead, there is a possibility that ADA could soar by 17.5% to reach the next resistance level of $1.135 in the coming days. The Relative Strength Index (RSI) for ADA is currently neither in the overbought nor oversold territory, suggesting that there is room for significant upside momentum.
In conclusion, the recent whale activity and bullish price action pattern indicate a favorable buying opportunity for ADA. Investors may want to keep a close eye on the token’s price movements and upcoming levels for potential trading opportunities.