Cardano

Date: Wed, Dec 18, 2024, 05:34 AM GMTThe cryptocurrency market has been on fire following a series of bullish rallies since November. Bitcoin (BTC) has smashed its previous records, reaching a new all-time high of $108K. Riding this momentum, Cardano (ADA) has emerged as one of the top-performing altcoins, surging by 188% over the last 60 days.However, after hitting a recent high of $1.32, Cardano is now experiencing a healthy correction and consolidating in a Descending Triangle pattern, currently cooling off to a price of $1.02.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/4b88477e02e042fd871160fc943663a4.png" />Source: Coinmarketcap<h3 id="strong-whale-inflows-during-the-recent-dip-strong">Whale Inflows During the Recent Dip</h3>On-chain data from crypto analyst <a href="https://x.com/ali_charts/status/1869165428838453311" rel="noopener noreferrer nofollow">&#64;ali_charts</a> reveals a strategic move by whales. While whales took profits as ADA surged from $1.15 to $1.32, the scenario quickly shifted when ADA corrected. After ADA fell to $0.91 on December 9, whales jumped back into accumulation mode.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/95b7007917a54149b86d6ed5583207f1.jpeg" />Source: &#64;ali_charts (X)In fact, 160 million $ADA have been accumulated since the dip, highlighting increased confidence among large investors.<h3 id="what-to-expect-ahead">What To Expect Ahead?</h3>Cardano (ADA) has delivered an impressive 189% rally, but it is now undergoing a correction phase after retracing from its high of $1.32. On the 4-hour chart, ADA is consolidating within a Descending Triangle, a bearish pattern that signals potential weakness in the short term.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/eebedf208fea4905adfde08c8a9cd761.png" />Yesterday, ADA faced a rejection from the upper resistance at $1.11, which has added downward pressure. Now trading below the resistance zone, Cardano could see further downside movement toward the lower support level of the descending triangle at $0.90.This support zone will be critical. However, if buyers step in $0.90 level, ADA could see a rebound.<h3 id="conclusion">Conclusion</h3>While Cardano remains one of the strongest altcoin performers of the recent bull market, short-term price action suggests caution. Whales accumulating during the dip is a positive sign for long-term investors, but ADA’s immediate price movement indicating downside momentum.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.

Cardano Whales Accumulated 160 Million $ADA In Recent Dip: What's Ahead?

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