- Cardano (ADA) surged 188% over the last 60 days, reaching a high of $1.32 before correcting to $1.02 in a descending triangle pattern.
- Whales accumulated 160 million ADA tokens during the recent dip after the price fell to $0.91 on December 9, showing increased confidence among large investors.
- ADA is currently consolidating in a bearish descending triangle pattern with resistance at $1.11 and potential downside toward support at $0.90.
- While whales buying the dip signals long-term confidence, short-term technical analysis suggests continued downward pressure with the $0.90 support level being critical.
Date: Wed, Dec 18, 2024, 05:34 AM GMT
The cryptocurrency market has been on fire following a series of bullish rallies since November. Bitcoin (BTC) has smashed its previous records, reaching a new all-time high of $108K. Riding this momentum, Cardano (ADA) has emerged as one of the top-performing altcoins, surging by 188% over the last 60 days.
However, after hitting a recent high of $1.32, Cardano is now experiencing a healthy correction and consolidating in a Descending Triangle pattern, currently cooling off to a price of $1.02.
Whale Inflows During the Recent Dip
On-chain data from crypto analyst @ali_charts reveals a strategic move by whales. While whales took profits as ADA surged from $1.15 to $1.32, the scenario quickly shifted when ADA corrected. After ADA fell to $0.91 on December 9, whales jumped back into accumulation mode.
In fact, 160 million $ADA have been accumulated since the dip, highlighting increased confidence among large investors.
What To Expect Ahead?
Cardano (ADA) has delivered an impressive 190% rally, but it is now undergoing a correction phase after retracing from its high of $1.32. On the 4-hour chart, ADA is consolidating within a Descending Triangle, a bearish pattern that signals potential weakness in the short term.
Yesterday, ADA faced a rejection from the upper resistance at $1.11, which has added downward pressure. Now trading below the resistance zone, Cardano could see further downside movement toward the lower support level of the descending triangle at $0.90.
This support zone will be critical. However, if buyers step in $0.90 level, ADA could see a rebound.
Conclusion
While Cardano remains one of the strongest altcoin performers of the recent bull market, short-term price action suggests caution. Whales accumulating during the dip is a positive sign for long-term investors, but ADA’s immediate price movement indicating downside momentum.
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