Cardano (ADA) Price Exhibits Two Reversal Patterns: Are Bulls Poised for a Comeback?
Current Price Movement: Cardano (ADA) has seen a modest increase of 2.2% over the past week, with on-chain data indicating that whale activity is rising, potentially signaling a shift in market direction.
Whale Accumulation: Whales holding between 10 million and 100 million ADA have increased their holdings by approximately 50 million ADA, suggesting a slow but steady accumulation trend that needs to accelerate for confirmation.
Dormancy and Market Signals: A decline in the Spent Coins Age Band indicates fewer coins are changing hands, hinting at rising dormancy, but it hasn't reached levels that typically precede strong rallies.
Technical Analysis: ADA is forming a potential inverse head-and-shoulders pattern, with a critical resistance level at $0.66; a breakout above this level could lead to further price increases, while failure to hold above $0.60 may invalidate the bullish setup.
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