Cardano’s price could reach $0.40 as investor confidence increases, leading to a surge in buying pressure. This suggests a potential breakout for ADA, which has struggled to sustain an uptrend.
Cardano addresses holding between 100 million and 10 billion tokens now total 3.02 billion ADA, up from 2.88 billion, reflecting an accumulation of 140 million ADA worth $49 million in one week.
Historically, when large holders buy ADA, the price rises. However, reversals often follow as these key stakeholders reconsider their positions.
Market participants continue to place buy orders, totaling $63 million, outweighing the potential selling pressure of $47 million, suggesting the price could resist significant downturns.
An inverse head-and-shoulders pattern indicates a possible reversal of ADA’s downtrend. If ADA breaks above $0.36, a 16% rally could push the price to $0.40. However, failure to break this level may lead to a 9% correction down to $0.32.
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