Reasons Cardano Price Could Break Out to $1 from Current Consolidation

le buying trend continues, the coin price could breach the overhead trendline and march toward the $1 mark, accentuating 38% growth.

Analysts are closely monitoring the recent accumulation of ADA tokens by whales, indicating a potential reversal in Cardano’s price movement. The surge in buying activity from large investors is a positive sign for the cryptocurrency. Market analyst Ali Marteniz emphasized this significant uptick in interest surrounding Cardano as whales accumulated 190 million $ADA tokens in the last 24 hours.

Historically, when big players start accumulating coins, it often coincides with the market bottom, hinting at a possible bullish reversal. Despite ADA’s 76.35% decline from its all-time high of $3.1, the recent spike in whale activity suggests a positive sentiment towards Cardano’s future price action.

Looking at the price charts, Cardano has been consolidating around the $0.7 level for about two weeks. This consolidation has formed a symmetrical triangle pattern, with two converging trendlines dictating the price movement. As the range of this triangle pattern tightens, a breakout is imminent, with analysts predicting it may occur by the end of March.

If the current whale buying trend continues, there is a strong possibility that the ADA price will break the overhead trendline and surge towards the $1 mark, representing a potential 38% gain. However, in the event that sellers manage to push the price below the triangle support, a correction towards the $0.6 level could occur. This level aligns with a crucial long-standing support trendline that buyers need to defend to prevent a significant price decline.

The ongoing accumulation of ADA tokens by large investors, coupled with the formation of a triangle pattern on the price charts, suggests that Cardano is on the verge of a significant price movement. A breakout from this consolidation phase could propel the ADA price past $1, marking a potential turning point for the cryptocurrency. As analysts continue to monitor whale activity and technical indicators, the market awaits Cardano’s next move with anticipation.