Onyxcoin (xcn) 
Cardano Price Signals Rebound Amid Whale Accumulation
Cardano (ADA) has recently shown signs of recovery, forming a double-bottom pattern that suggests a potential rebound. The cryptocurrency surged to an intraday high of $0.715 on Wednesday, marking its highest level since March 28. This represents a 40% increase from its lowest point earlier this month.
Market Recovery Fuels Cardano’s Rally
The price jump aligns with broader recovery trends in both the stock and crypto markets. Bitcoin (BTC) crossed a significant resistance level at $94,000, a milestone it hadn’t reached for over a month. Meanwhile, major stock indices like the Dow Jones, Nasdaq 100, and S&P 500 posted gains of 1.5%, 2%, and 3%, respectively.
Market sentiment was bolstered by statements from key political figures, including former President Donald Trump, who clarified that he was not seeking to dismiss Federal Reserve Chairman Jerome Powell. Additionally, hints of progress toward a trade deal with China further improved investor confidence.
Impact of U.S.-China Trade Tensions
The ongoing trade war has heightened fears of potential economic downturns, such as a recession or stagflation. On Tuesday, the International Monetary Fund (IMF) downgraded its forecast for U.S. economic growth in 2025, reducing it from 2.4% to 1.8%. The revised outlook reflects the adverse effects of tariffs imposed during the trade conflict.
Whale Accumulation Boosts Cardano
Cardano’s rally has also been supported by increased accumulation by large-scale investors, often referred to as “whales.” According to recent data, holders with between 10 million and 100 million ADA tokens now control 36% of the total supply, up from 33.4% in January. This significant accumulation suggests growing confidence in the cryptocurrency’s long-term potential.
Further data reveals that a rising number of Cardano holders are currently in profit. Over 24.5 billion ADA tokens are now profitable, compared to 19.5 billion earlier this month. This trend reflects the recent price recovery and growing optimism among investors.
Cardano Price Technical Analysis
Cardano’s price has rebounded after reaching a low of $0.512 on April 7. This level held particular significance as it aligned with the lowest swing on February 13, forming a double-bottom chart pattern with a neckline at $1.173.
From a technical perspective, ADA has moved above the 50-day Exponential Moving Average (EMA) and has broken through the upper boundary of a falling wedge pattern, which is widely regarded as a bullish reversal indicator. Additionally, the cryptocurrency has surpassed the 61.8% Fibonacci Retracement level, further strengthening its bullish outlook.
The Relative Strength Index (RSI) is also trending upward, signaling positive momentum. Based on these indicators, analysts suggest that ADA could continue its upward trajectory, with bulls eyeing the $1 resistance level, approximately 43% above the current price.
Key Takeaways for Investors
If you’re considering investing in Cardano, here are some tips to keep in mind:
- Monitor technical indicators: Pay attention to patterns like the double-bottom and falling wedge, as they often signal potential price movements.
- Stay updated on whale activity: Large-scale investors can significantly influence market trends, so tracking accumulation data can provide valuable insights.
- Keep an eye on broader market trends: Factors such as Bitcoin’s performance and global economic developments can impact ADA’s price trajectory.
Cardano’s recent performance highlights its resilience and potential for growth in the evolving cryptocurrency market. As whales continue to accumulate and technical indicators point to bullish momentum, ADA remains a coin to watch for both beginners and seasoned investors alike.
