Cardano price bounces off key $0.84 support as whales accumulate
Cardano price appears to have completed its pullback, bouncing off key support as whales bought the dip and setting up for the next leg higher.
- Cardano price appears to have formed its third consecutive higher low, reinforcing the ongoing uptrend structure.
- Whales scooped up 100 million ADA during the recent pullback, signaling confidence in the continuation of the uptrend.
- Retail traders are also bullish, with long positions on Hyperliquid exceeding 79%.
Cardano (ADA) price appears to have completed its pullback from the recent high of $1, rebounding sharply from $0.84 yesterday. This marks the third consecutive higher low, following previous lows near $0.68 and $0.51, which reinforces the uptrend structure.
Notably, the most recent low aligns with the prior breakout zone of the earlier double bottom formation, adding strength to this support level and increasing the probability of a continuation toward higher levels. If momentum holds, Cardano price could test the recent high at $1 soon, with a potential breakout above that level.
Conversely, a decisive move below $0.84 would undermine the short-term bullish outlook, threatening the breakdown of the higher-high, higher-low structure and increasing the risk of a further decline toward $0.68.
Whales and retail bet on Cardano price to rally
One of the main drivers behind Cardano’s recent price action is significant accumulation by large investors. Recent reports indicate that whales have recently acquired roughly 100 million ADA, coinciding with the pullback to a key support level. This suggests that big players are confident the uptrend structure will continue.
Retail sentiment also appears strongly bullish. Data from Hyperliquid shows that long positions on ADA exceed 79%, while short positions account for only about 20%.
