The price of Cardano has experienced a significant rise due to increased buying activity from major market players known as 'whales'. An analysis of technical indicators suggests possible further growth.
Cardano Price: Testing Key Resistance
Cardano (ADA) price tested crucial resistance levels, reaching around $0.92 after a 9% increase in 24 hours. Analysts noted that the $0.95 level is critical for confirming the upward move. A break above this level could mark the formation of a new local high.
Indicators Show Bullish Sentiment
Analysts pointed out that oscillators indicate building strength, creating conditions for potential upward movement. Additionally, the ADA relative strength index (RSI) remains not overbought, leaving room for further upward momentum.
Support from Whales
On-chain analysts reported whales purchased about 100 million ADA within 24 hours. This accumulation could signal confidence among large investors and mitigate short-term price volatility.
In light of whale activity and positive technical indicators, Cardano's price stands at the brink of significant changes. Future movements within the $0.95 to $1.00 range will be decisive for sustaining the growth.
