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2023-11-17 23:00:59

Cardano Falling Wedge Pattern: Analyst Predicts 100% Increase Following Breakout

Cardano may not be a top gainer in the crypto market but that does not mean that it has fallen behind. During the altcoin rally, the price of Cardano’s native coin ADA has gone from a low of $0.25 to a high of almost $0.4 before correcting back downwards. This positive trend has been preserved even through the crypto market dip and it seems that there is only one thing in the way of Cardano’s rise to a new yearly high. Falling Wedge Pattern Holds Back Cardano According to a crypto analyst on the TradingView website, the one thing that is holding back the Cardano price from mounting a full-blown rally is a falling wedge pattern which it is currently stuck in. This falling wedge pattern has appeared as the ADA price has retraced and then eventually recovered. Related Reading: Bitcoin Open Interest Tops 19-Month High: Historical Data Shows What To Expect The crypto analyst who goes by CobraVanguard identifies this falling wedge pattern as the important pattern to break for ADA. As with any cryptocurrency, if ADA is able to break out of this pattern, then a massive rally could follow, ending in a high peak. Source: Tradingview.com CobraVanguard’s price target after breaking out of this falling wedge pattern is over the $0.7 level. Following this trend would mean that the ADA price could rise another 100% from its current level, putting it on a recovery path similar to that of Solana (SOL). The initial target for this recovery is at $0.57 where a small retrace is expected. Afterward, the crypto analyst sees another surge that takes it straight through the $0.78 mark. Then just below $0.8 is where resistance is expected. ADA bulls still holding up price | Source: ADAUSD On Tradingview.com ADA Whales Ramping Up Their Activity As the bull case for Cardano continues, the ADA whales are not being left in the sidelines. As data from IntoTheBlock shows, these large investors have been increasing their activities across the network, especially in the last day. The number of large transactions on the Cardano network, that is transactions carrying $100,000 or more, jumped significantly in the 24-hour period. November 15 numbers came out to 4,320 whereas this number grew to 6,110 on November 16. Related Reading: Ethereum Breakout: Analyst Explains Why The King Of The Altcoins Is Destined For $10,000 Naturally, the transaction volumes of these large investors are also up during this time. It rose from around $7.2 billion on Wednesday to more than $10.46 billion on Thursday, with more than 27.2 billion ADA moved across these transactions. These trends among these large investors could suggest that the anticipation for a bullish run isn’t localized to just smaller investors alone. So whales could be waiting for better prices before they begin profit-taking. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Crypto News, chart from TradingView.com