In just 48 hours, whales bought 100 million ADA, causing the price to increase from $0.998 to $1.11. This increase shows the renewed interest in the cryptocurrency, and suggests that if whale activity is sustained, ADA could continue to improve its growth momentum in the market.
Market Reaction to Whale Movements
The strong participation of large investors underscores the important role of whale transactions in shaping market trends. As whales concentrated their holdings, the price of ADA responded positively, breaking above the psychological resistance of $1.00. According to reputable analysts, if the buying demand continues to persist, ADA could quickly reclaim higher resistance levels, potentially even rising to $1.50 if breakout conditions are met.
The direction of ADA price will largely depend on the investment patterns of whales as well as the overall market sentiment. If whale activity declines, ADA could move sideways or even fall to lower support levels, emphasizing the continued volatility of the crypto market.
ADA Short-Term Outlook
As ADA price breaks above the key $1.00 level, the bullish momentum is gradually strengthening. On the 4-hour chart, ADA price is currently forming a bullish pennant pattern around $1.08, indicating strong support levels after recently bottoming at $0.87. If a timely breakout from the flag pattern and a break above $1.10 occurs, ADA could continue its upward momentum towards a target of $1.50.
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The Chaikin Money Flow (CMF) indicator is reflecting balanced pressure at this price level, signaling a steady rally despite the recent market correction, fueled by whale activity. Maintaining the CMF above the neutral level will be crucial in sustaining this growth momentum.
