![]() ![]() So whales could be waiting for better prices before they begin profit-taking. Because the falling wedge is a bullish chart pattern, aggressive traders will typically wait for price to break above the upper resistance line before they will execute a long position.Conservative traders, on the other hand, will generally wait for price to retest the upper resistance line from above before they will execute a long trade. These trends among these large investors could suggest that the anticipation for a bullish run isn’t localized to just smaller investors alone. 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. Naturally, the transaction volumes of these large investors are also up during this time. November 15 numbers came out to 4,320 whereas this number grew to 6,110 on November 16. The number of large transactions on the Cardano network, that is transactions carrying $100,000 or more, jumped significantly in the 24-hour period. As data from IntoTheBlock shows, these large investors have been increasing their activities across the network, especially in the last day. Then just below $0.8 is where resistance is expected.ĪDA bulls still holding up price | Source: ADAUSD On ADA Whales Ramping Up Their ActivityĪs the bull case for Cardano continues, the ADA whales are not being left in the sidelines. Afterward, the crypto analyst sees another surge that takes it straight through the $0.78 mark. As a bullish price pattern, the falling wedge is a representation of a story about the market in which positive market sentiment has led to a further push towards the upside. Novice traders interested in becoming efficient crypto chart readers should prioritize this important indicator. The initial target for this recovery is at $0.57 where a small retrace is expected. Falling wedge patterns play an instrumental role in technical analysis. 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). 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.ĬobraVanguard’s price target after breaking out of this falling wedge pattern is over the $0.7 level. ![]() The crypto analyst who goes by CobraVanguard identifies this falling wedge pattern as the important pattern to break for ADA. This falling wedge pattern has appeared as the ADA price has retraced and then eventually recovered. Falling Wedge Pattern Holds Back CardanoĪccording 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 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. 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. Cardano may not be a top gainer in the crypto market but that does not mean that it has fallen behind.
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