Cardano shows a sustained upward trend after bouncing off the $0.84 support level, a key indicator of bullish signals.
Nature of the Upward Movement
The price of Cardano has sharply rebounded from the $0.84 level after a brief pullback, continuing its upward trend and reinforcing a positive technical structure. This rebound follows a recent drop from $1, marking the third consecutive higher low.
Whale Activity
Data indicates that large investors, known as whales, accumulated approximately 100 million ADA during the recent decline. This significant acquisition points to institutional confidence in Cardano's trend continuation. Their buying activity coincided with the price revisiting a major support level, indicating strategic accumulation.
Risks if Support Breaks
Despite the current upswing, a bearish retracement could undermine the bullish case if the price breaks below the $0.84 support area. Should Cardano trade below this level, it could signify a breach in the trend pattern and increase the risk of further drops toward the higher low level at $0.68.
While downside risks remain if support fails, the current market structure favors bullish momentum. The combination of whale accumulation and strong retail participation positions Cardano well for a potential breakout above $1 in the near term.
