- In the wake of modest gains, the formidable Cardano whales, those titans of the deep, amassed a staggering 190 million ADA in a single day, as if they were hoarding treasures from a sunken ship.
- For the past ten days, Cardano’s price has danced a delicate waltz, trapped within the narrow confines of $0.65 and $0.75, like a prisoner in a gilded cage.
From the 16th to the 19th of March 2025, these aquatic giants made substantial purchases of Cardano [ADA]. The price, like a fickle lover, oscillated between $0.65 and $0.75, reaching a dizzying peak of $0.779 before plummeting to a disheartening $0.669. Ah, the cruel whims of fate!
In a mere two days, the whale community, with their insatiable appetite, devoured 50 million ADA, as the price consolidated, perhaps contemplating its existence in this chaotic market.
As ADA’s price nudged upward to $0.716, the whales, emboldened by their confidence, unleashed a buying frenzy, amassing a total of 190 million ADA in a single day, pushing the price to a lofty $0.78. Oh, the audacity!
This synchronized ballet of whale buying activity revealed a profound confidence, a belief that powered ADA’s ascent, as if they were the gods of Olympus bestowing favor upon their chosen asset.
Yet, this surge was not without its caveats; the sustainability of this accumulation trend hung in the balance, like a tightrope walker teetering over an abyss.
How will the price react to the consolidation?
During this ten-day consolidation phase, Cardano’s daily price range fluctuated between $0.65 and $0.75, a period marked by intense selling pressure at the descending trendline resistance, as if the market itself were a tempestuous sea.
Though the price initially broke free from the trendline, it was but a false dawn, leading to a steep descent, as the trendline reasserted itself as a formidable barrier, a reminder of the market’s capricious nature.
ADA, in its confinement, formed lower swing highs and increasing swing lows, a tragicomic play of market forces. Should the price rise beyond $0.75, it could signal a bullish momentum, aiming for the next resistance zone between $0.90 and $1.00, if the upward trend proves resilient.
However, should ADA falter and fail to maintain its position above $0.65, it may find itself testing support levels below $0.58, a grim fate foretold by the MACD’s negative reading, reflecting a waning momentum through its descending signal line and declining histogram bars.
A clear breakout is imperative, for the current market conditions do not whisper sweet promises of immediate bullish momentum. The structure of the market would only shift if ADA could achieve a triumphant breakout from its ten-day range.
Remaining below $0.65 diminishes the likelihood of an uptrend, suggesting further bearish trends, as if the market were a darkened room, with shadows lurking in every corner.
ADA’s sentiment from participants
In a curious twist of fate, the Smart Money sentiment stood at a dismal -1.51, while the Crowd Sentiment, buoyed by hope, showed a more optimistic 2.04. This dichotomy revealed that retail investors clung to their belief in ADA’s bullishness, while institutions cast a wary eye, foreseeing stormy seas ahead.
This disconnection between popular investment sentiment and expert evaluations suggested that prices were rising, not from solid foundations, but rather from the fervent demand of retail investors, like a house of cards waiting to collapse.
Yet, institutional investors, those harbingers of caution, expressed concerns that this uptrend might be but a fleeting mirage.
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2025-03-21 00:11