Cardano may not be one of the biggest gainers in the crypto market, but that doesn’t mean it’s a laggard. During the altcoin rally, the price of Cardano’s native coin, ADA rose from a low of $0.25 to a high of almost $0.4 before returning lower. This positive trend has been preserved even despite the crypto market falling and it seems there is only one thing standing in the way of it. The rise of Cardano to a new annual high.
Falling Wedge Pattern Holds Cardano Back
According to a crypto analyst from the TradingView site, the only thing slowing down the Cardano Price From the rise of a true rally, there is a falling wedge pattern that it is currently stuck in. This falling wedge pattern appeared as ADA price retraced and then eventually recovered.
The crypto analyst called CobraVanguard identifies this falling wedge pattern as an important pattern to break for ADA. As with any cryptocurrency, if ADA manages to break out of this pattern, a massive rally could ensue, ending with a high spike.
CobraVanguard’s price target after breaking out of this falling wedge pattern is above 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 trajectory similar to that of Solana (SOL).
The initial target for this rally is $0.57, where a small retracement is expected. Subsequently, the crypto analyst notices another increase which takes it directly past the $0.78 mark. Then, resistance is expected just below $0.8.
ADA bulls still holding up price | Source: ADAUSD On Tradingview.com
ADA whales intensify their activity
As the bullish argument for Cardano continues, the ADA Whales are not left out. As data According to IntoTheBlock broadcasts, these large investors have increased their activities across the network, especially in recent days.
The number of large transactions on the Cardano network, i.e. transactions worth $100,000 or more, increased significantly over the 24 hours. The figures for November 15 stood at 4,320 while this number increased to 6,110 on November 16.
Naturally, the trading volumes of these big investors are also increasing during this period. It grew from about $7.2 billion on Wednesday to more than $10.46 billion on Thursday, with more than $27.2 billion ADA transferred in these transactions.
These trends among these big investors This could suggest that anticipation of an uptrend is not limited to just small investors. Whales could therefore wait for better prices before starting to make profits.