Cardano’s Big Breakout: Will Whales Push ADA to $1.11? Get Ready for the Ride!

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Well, well, well, the crypto world is still shuffling along like a slow-moving river, and the total market cap, including that shiny Bitcoin, is holding steady at a rather impressive $1.2 trillion. Meanwhile, Cardano‘s just been hanging around, plotting its next move—like a chess player waiting for the right moment. At a cool $0.79, it’s eyeing a breakout rally. But don’t pop the champagne just yet—there’s a speed bump in the market that’s holding up Cardano’s grand plans.

As Cardano continues to nibble at the overhead supply, the question on everyone’s mind is: Can the buyers break through this bearish funk?

Cardano’s Falling Wedge: Will It Break Free and Aim for $1?

Let’s take a gander at the daily chart. If it isn’t a falling wedge pattern! It’s like the crypto market’s version of a “danger zone,” where every short-term supply zone just pops up to say “nope.” The most recent barrier? A chunky resistance at $0.8121. That resistance is strong enough to make even the most optimistic bulls pause for a moment.

But lo and behold, Cardano’s managed to keep a decent positive flow within this wedge, putting up two bullish candles back to back. These little sparks accounted for nearly a 15% recovery in ADA’s market price. Not too shabby for a coin that’s been playing the waiting game.

However, let’s not get too excited, because that pesky Fibonacci level at $0.8121 isn’t making life any easier. Within this wedge pattern, Cardano’s little recovery has been hinting at a reversal, forming something of a rounding bottom. It’s like Cardano’s trying to pull a Houdini—escaping the clutches of the resistance!

Even though the broader market pullback tried to rain on Cardano’s parade, the overall sentiment remains as bullish as a rodeo clown at a bull fight. The MACD and signal lines are about to join forces for a positive crossover, so don’t count out the little guy just yet.

And don’t forget the 200 EMA line! It’s holding steady and keeping Cardano’s price recovery in check, preventing any funny business between the 50 and 100 EMA lines. Talk about a safety net!

Whales Are Snatching Up $1B Worth of ADA Since November 2023

It seems the whales (those big, fancy investors) have taken quite a liking to Cardano. According to a recent X post by Santiment, they’ve been steadily hoarding ADA during the market pullbacks. How sweet!

🐳📈 Cardano’s market cap has recovered by +11% on a day where most cryptocurrencies have retraced. One thing to continue watching is the continued behavior of whales and sharks.

Wallets holding at least 1M $ADA have been consistently accumulating since late November of 2023,…

— Santiment (@santimentfeed) February 11, 2025

Since November 2023, these big wallets have added a jaw-dropping 1.41 billion ADA tokens to their hoard, making up 2.35% of the entire supply in just 15 months. That’s over a billion dollars’ worth of ADA, which sure has a nice ring to it. Looks like there’s some serious confidence brewing in Cardano’s corner.

What’s even juicier? The surge in whale purchases hints that institutional investors are also jumping on the ADA train, reinforcing the long-term bullish outlook. You know, just a casual $1B investment here and there.

ADA Price Eyes $1.11 Amid Breakout Hopes

Now, with all these whales padding their wallets and a potential breakout on the horizon, Cardano might just be ready for a big push. If it can break free of its falling wedge prison, we could see a rally of epic proportions. According to the Fibonacci retracement levels (those magical numbers crypto folks love), we might even see Cardano back at $1.11.

And don’t get too comfortable with the $1.00 mark—there’s a psychological level waiting to test Cardano at the 61.80% Fibonacci retracement level. But if ADA can handle that, it could go full throttle! On the flip side, if it doesn’t, there’s always the crucial support at $0.68, just waiting to catch it if it falls.

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2025-02-12 13:49