Whales & Institutions Hinting at a Massive Cardano (ADA) Bull Rally, Will the Price Hit $3 in Q2?
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Cardano(ADA) Price Analysis
The Cardano price had maintained a huge descending triangle which was been broken of lead leading to a massive price surge. Woefully, the price could not test the resistance at $1.2 as the buying volume evaporated a little. However, after a small upward swing, the ecosystem witnessed an increasing adoption and accumulation. Moreover, the ongoing trend clear signifies a massive move is yet to register.
With the recent flip, the ADA price has maintained a significant uptrend along the line. Currently, capped in between the 0.5 & 0.786 FIB levels. With a significant push, the levels may surpass the 0.5 level and slice through the immediate resistance at $1.247. Moreover, if the price is successfully breached $1.3, then the hope of an uptrend may settle. This may further lead to the pivotal resistance close to $1.5 which may ignite an interim bull run.
On the other hand, the whales are accumulating the asset at a higher pace. As the network has increased by 1.7%. Nearly 42 addresses hold 1,000,000 to 10,000,000 ADA and this happened just after March 21, when the asset flipped the bears. And hence the whales hold nearly $12 million in ADA coins. Also, the on-chain transactions are propelling more than $100K after increasing 50x in 2022, a possibility of institutional interest emerges.
Cardano(ADA) Technical Analysis (Short Term)
Technical Indicators
| Indicators | Value | Action |
| Relative Strength Index(RSI) | 45.97 | Neutral |
| MACD | -0.003 | Neutral |
| Average Directional Index(ADX) | 23.45 | Buy |
| Average True Range(ATR) | 0.012 | Less Volatility |
The RSI & MACD are currently neutral which indicates a healthy consolidation within a small range. Importantly the price rally strength is pretty strong with less volatility and hence it may withstand any turbulence if occurred.
Pivotal Levels
| Pivotal Levels | Value |
| Moving Average(MA)-50 | $1.20 |
| Moving Average(MA)-200 | $1.122 |
| Resistance | $1.247 |
| Support | $1.185 |
The Cardano(ADA) price is $1.186 and is currently very close to the immediate support at $1.185. Ans hence a high possibility of retest towards these levels may be imminent where-in a significant rebound could may it’s way out.
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