CandleFocus Cardano (ADA) Price Stabilizes After Strong Correction, Whale Activity Signals Recovery
2024-12-13
Author: Content Editor
Cardano (ADA) has experienced a surge of over 100% in the past 30 days, but has seen a decline of nearly 4% in the last week. However, the recent sharp correction appears to be easing, as indicated by ADA's Average Directional Index (ADX) dropping to 21.4, suggesting a weakening trend strength. Despite the previous downtrend, renewed whale accumulation suggests that large holders are positioning themselves for a potential recovery. The number of wallets holding between 10 million and 100 million ADA has rebounded, indicating renewed confidence among major holders. ADA's price movement in the near term remains uncertain, but if a new downtrend were to emerge, it could test the support at $1.03. On the upside, if Cardano rebounds, it could potentially reach resistance levels of $1.24 and $1.32.
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