Date: Wed, March 05, 2025 | 11:06 AM GMT
The cryptocurrency market has been on a roller-coaster ride over the past few days. Following Sunday’s pump triggered by the “Crypto Strategic Reserve” announcement, markets saw a sharp sell-off on Monday and Tuesday due to new tariff policies imposed by former U.S. President Donald Trump.
However, today’s market recovery has been strong, with Bitcoin (BTC) surging over 7% to reclaim the $90K level ahead of the White House Crypto Summit this Friday, where the President Trump is expected to reveal the country’s Bitcoin reserve strategy.
Cardano (ADA), one of the cryptocurrencies included in the “Crypto Strategic Reserve”, is reclaiming the $1 range after an impressive 20% rally from its 24-hour low of $0.78.
Whale Accumulation Spikes
Since the “Crypto Strategic Reserve” announcement, whale activity in ADA has skyrocketed. According to the latest data from crypto analyst Ali Martinez, whales have accumulated over 420 million ADA tokens in recent days, signaling strong confidence in the asset’s long-term potential.
Descending Broadening Wedge Breakout
On the daily chart, ADA has successfully broken out of a descending broadening wedge pattern, which had been in play since December, leading to a prolonged correction phase. Today’s pump, fueled by reserve speculation and whale accumulation, has pushed ADA past its key resistance trendline again.
Currently, ADA is trading around the $1 mark with the support 100 and 200 MA. If the price bounces from this level, the next resistance levels to watch are $1.16 and $1.32.
A decisive move above these levels would confirm a fresh bullish breakout, potentially setting the stage for an extended rally toward the $1.60-$1.80 range in the coming weeks.
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