Has Cardano(ADA) Price Rally Over? It Fails to Keep Up Crucial Levels, What’s Next?
Cardano price is unable to flip from the ongoing descending trend. Each attempt of going parabolic is impacting the price negatively. And hence, the price is expected to plunge towards lower support. However despite the huge bearish trend yet some possibility of flip surfaces as more whales are getting into the platform. But whether the whale accumulations impact the ADA price to a large extent?
The asset which had almost secured its position very close to the top 5 at the 6th to 7th position has now slipped to 8th. Mainly because of the Terra(LUNA) and Solana(SOL) pride rally earlier this month. Woefully, despite flipping from the lower support, ADA price appears to have laid the path to test the local support below $ 0.8. Currently, the price has broken down from important positions and display a notable bearish pattern as suggested by an analyst.
As per the analyst, Cardano’s price breaks down from the descending triangle in a 2-day chart. This is extremely bearish as the asset is also done with a retest that failed the price to regain its levels within the triangle. Moreover, the price breaks below the 21-day MA and the next support is around $ 0.38. Interestingly, the analyst hopes the price could fall at these levels very soon. Moreover, the analyst also suggests the current phase may be a good time to short BTC with an upper barrier or SL set to $ 1.
Regardless of the current bearish trend that carries the possibility of plunging to the lowermost support zone, the whales keep on accumulating more ADA. Yes, Cardano whales are surging in pretty large numbers overtime ever since the asset smashed its highs beyond $ 3. It may clearly signify the mounting confidence of the Whales about the price rally to regain its lost levels above $ 3.
As per the reports, the ADA whales had spiked a little when the asset smashed its highs. But depleted over time along with the price. However, since the beginning of 2022, the graph surges extremely high regardless of the price that maintained a strong downtrend. Therefore, it may also be possible that the whales are accumulating Cardano at a discounted price. And moreover, it may also be a signal that ADA price could hover back to the range above $ 2 very soon.
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