The cryptocurrency market has witnessed a notable development in the Cardano (ADA) price, which has retreated from its recent high of $1 but bounced off the crucial support level of $0.84. This bounce marks the third higher low in a row, reinforcing the ongoing upward structure and signaling a potential next leg up.
Cardano Price Analysis
The Cardano price seems to have formed its third higher low in a row, which corresponds to the earlier lows of $0.68 and $0.51. This upward structure is further strengthened by the recent low, which coincides with the earlier duplication zone of the previous double bottom formation. This level of support provides significant strength and increases the likelihood of continuation in the direction of higher values. If the momentum applies, the Cardano price could soon test the recent high at $1, with a potential breakout above this level.
On the other hand, a crucial step below $0.84 would undermine the short-term optimistic outlook, causing the breakdown of the higher low structure and the risk of a further decline compared to $0.68. The whales’ accumulation of 100 million ADA during the recent withdrawal has signaled their trust in the continuation of the upward trend. This significant accumulation is a key driver behind Cardano’s latest price campaign, indicating that large players are confident in the upward structure.
Source: Tradingview
Whales and Retail Investors’ Sentiment
The retail sentiment also seems very optimistic, with Hyperliquid data showing that long positions exceed 79%, while short positions only make up about 20%. This sentiment is a significant indicator of the market’s confidence in the Cardano price. The whales’ accumulation and the retail investors’ optimism are key factors driving the Cardano price upward. As the market continues to evolve, it is essential to monitor the price movements and sentiment to make informed decisions.
In conclusion, the Cardano price has bounced off the crucial support level of $0.84, marking the third higher low in a row. The whales’ accumulation and the retail investors’ optimism are significant drivers behind the price campaign. As the market continues to move forward, it is essential to stay informed about the latest developments and trends. For more information on the Cardano price and the cryptocurrency market, visit https://crypto.news/cardano-price-bounces-off-key-0-84-support-as-whales-accumulate/
