Major cryptocurrency holders have started buying ADA tokens actively as the price hovers at an important support level.
Current Situation Analysis
Analyst Ali reports that whales have purchased 240 million ADA tokens in the past week. This substantial accumulation comes as the token is testing significant price levels.
Key Support and Resistance Levels
Cardano is trading at approximately $0.746, slightly above the key support zone of $0.68-$0.70. The weekly chart reveals the formation of a descending triangle or wedge, defined by current support and a descending diagonal resistance line.
Possible Scenarios for Cardano
If ADA bounces from the $0.70 support and breaks through the descending resistance line, the price could target $1.00 and possibly $1.30. Should the support fail, the price might drop to $0.25.
This is a defining moment for Cardano. Holding the $0.68-$0.70 support level and breaking out of the wedge pattern with considerable trade volume could confirm the bullish scenario.
