Cardano (ADA) experienced a remarkable 265% price increase over 30 days, positioning it as a leader among top coins, just behind Ripple (XRP). Despite this surge, the uptrend's momentum is slowing as whale accumulation stabilizes, suggesting a more cautious approach from large holders.
The ADX (Average Directional Index) for Cardano has decreased to 19.4, signaling a weakening trend. This contrasts with the prior upswing where the ADX reached 33, showing robust growth. With a lower ADX, the ongoing uptrend may see slower growth or possible consolidation.
The number of whale addresses holding 10-100 million ADA grew in November, indicating significant accumulation and confidence in Cardano's potential. However, since November 20, whale activity has stabilized, reflecting a wait-and-see strategy amid uncertain market conditions.
For ADA to maintain its upward trajectory, buying pressure needs to strengthen. If successful, ADA may test resistance levels at $1.32, and potentially reach $1.40, a peak not achieved since 2022. Conversely, weakened trends may result in price drops to key support levels, indicating potential corrections.
