Whales & Institutions Hinting at a Massive Cardano (ADA) Bull Rally, Will the Price Hit $3 in Q2?

Cardano(ADA) Price Analysis

The Cardano price had maintained a huge descending triangle which was been broken of lead leading to a massive price surge. Woefully, the price could not test the resistance at $1.2 as the buying volume evaporated a little. However, after a small upward swing, the ecosystem witnessed an increasing adoption and accumulation. Moreover, the ongoing trend clear signifies a massive move is yet to register.

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With the recent flip, the ADA price has maintained a significant uptrend along the line. Currently, capped in between the 0.5 & 0.786 FIB levels. With a significant push, the levels may surpass the 0.5 level and slice through the immediate resistance at $1.247. Moreover, if the price is successfully breached $1.3, then the hope of an uptrend may settle. This may further lead to the pivotal resistance close to $1.5 which may ignite an interim bull run. 

On the other hand, the whales are accumulating the asset at a higher pace. As the network has increased by 1.7%. Nearly 42 addresses hold 1,000,000 to 10,000,000 ADA and this happened just after March 21, when the asset flipped the bears. And hence the whales hold nearly $12 million in ADA coins. Also, the on-chain transactions are propelling more than $100K after increasing 50x in 2022, a possibility of institutional interest emerges. 

Cardano(ADA) Technical Analysis (Short Term)

Technical Indicators

The RSI & MACD are currently neutral which indicates a healthy consolidation within a small range. Importantly the price rally strength is pretty strong with less volatility and hence it may withstand any turbulence if occurred. 

Pivotal Levels

The Cardano(ADA) price is $1.186 and is currently very close to the immediate support at $1.185. Ans hence a high possibility of retest towards these levels may be imminent where-in a significant rebound could may it’s way out.