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Highlights
- Cardano price has jumped for five straight weeks and is hovering at 2022 highs.
- Whales have continued to accumulate ADA during this bull run.
- The risk is that Cardano is forming a doji candlestick on the weekly chart.
Cardano price is in its fifth week of consecutive gains for the first time this year, helped by the ongoing crypto bull run and whale accumulation. With the bullish momentum fading, can ADA jump by 165% and retest its all-time high at $3.10
Cardano Price Boosted By Whale Purchases
ADA price has rallied in the past five weeks, reaching a high of $1.3230, its highest level since January 2022. At its highest point this month, the coin was up by 450% from its lowest level in 2023.
The ongoing Cardano surge has led to a sharp increase in whale accumulation. Data shows that these whales have bought Cardano tokens worth $276 million, a trend that may continue as the altcoin season accelerates. Another analyst noted that whales bought 100 million ADA tokens in the last 24 hours.
Cardano is also seeing more purchases by retail investors, who are keen to participate in the ongoing bull run. Data by CoinCarp shows that the number of ADA holders has jumped to over 3.5 million.
ADA Price Could Waver Before Spiking To $3.10
Technicals suggest that Cardano price may waver, or even have a slight pullback before continuing its uptrend.
The weekly chart shows that it has found some resistance at $1.3230, which coincided with the 38.2% retracement level. It also seems to be forming a standard doji candlestick pattern. A doji is a pattern formed when an asset closes and opens at the same price. It is characterized by a very small body, and long upper and lower shadows, and is a popular reversal pattern.
Therefore, the most likely Cardano price forecast is where it first drops and retests the psychological level at $1 and then resumes the uptrend. Also, it may drop to $0.8090, the neckline of the triple-bottom pattern at $0.2283. Besides, the Relative Strength Index has moved to the extreme overbought point at 85.
A break and retest pattern is one of the most popular continuation patterns in the market. If this happens, there is a likelihood that it will initially rebound to the 50% retracement level at $1.66. A 165% rally to its all-time high may happen after that, but it will depend on whether the ongoing bull run in the crypto industry continues.
The bullish view will become invalid if it drops below the neckline of the triple-bottom pattern. Such a move would see it drop and retest the year-to-date low of $0.2480.
Frequently Asked Questions (FAQs)
1. Can Cardano price surge and retest its all-time high?
2. Why are whales buying ADA?
3. What is the immediate risk for Cardano now?
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