The cryptocurrency market has been on the rise following Donald Trump's victory in the U.S. elections. Amid this surge, Bitcoin hit a new high of $107K, while Cardano (ADA) saw a remarkable 200% increase over the last 60 days.
Crypto Market Surge and Cardano's Position
Cardano reached $1.32 but is now undergoing a correction to $1.06. This is seen as a healthy adjustment after its significant growth.
Large Investor Transactions
Despite the ongoing price correction, data suggests that large investors, known as 'whales', are taking advantage of the dip to acquire tokens. A report from analyst @ali_charts highlights that 687 large transactions, each exceeding $1 million, were recorded in the last 24 hours.
Future Prospects
Despite the current pullback, Cardano is holding a critical support level at $1.03. Two scenarios are possible: The bullish scenario would see ADA retesting its resistance level at $1.32, potentially breaking higher. The bearish scenario implies a decline to around $0.90 if the support does not hold.
Cardano's rally and subsequent correction occur amid increased interest in the crypto market. Watching ADA's price movements is crucial as whales are already taking action.
