ADA price rebounds 15% but faces resistance at the 23.6% Fibonacci level of $0.8121.
Whale wallets have accumulated 1.41 billion ADA since November 2023, increasing market confidence.
ADA’s breakout could push it to $1.11, while key support remains at $0.68.
MACD and EMAs hint at continued bullish momentum, despite short-term volatility.
As the total crypto market cap, including Bitcoin, remains stable at $1.2 trillion, Cardano is aiming for a breakout rally. However, the short-term pullback in the broader market puts a speed breaker on the Cardano recovery run.
As Cardano continues to challenge the overhead supply, will buyers manage to overcome the bearish influence?
Cardano to Exit Falling Wedge, Aims $1 Reclamation
In the daily chart, the Cardano price trend reveals a falling wedge pattern. The short-term supply zone at $0.8121 provides strong resistance, limiting bullish momentum.
Photo: TradingView
Currently, Cardano maintains a positive growth flow within the falling wedge pattern with two consecutive bullish candles. These candles accounted for a recovery of nearly 15% in Cardano’s market price and challenged the overhead resistance trendline.
Along with the trendline, the recovery run in Cardano also faced opposition from the 23.6% Fibonacci level at $0.8121. Within the wedge pattern, the short-term recovery also hinted at a minor rounding bottom reversal with the 23.6% Fibonacci level acting as a neckline.
While the broader market pullback results in a bullish failure, the overall sentiment continues to remain bullish. The MACD and signal lines are on the verge of joining a positive crossover as the negative histograms decline.
Furthermore, the Cardano price recovery, reclaiming the 200 EMA line, limits the chances of a bearish crossover between the 50 and 100 EMA lines.
Whales Acquire $1B Worth of ADA since November 2023
As Cardano maintains a positive approach in a highly volatile market, a recent X post by Sentiment reveals the growing support for ADA. During the recent market pullback, wallets holding at least 1 million ADA tokens have been consistently accumulating more.
🐳📈 Cardano’s market cap has recovered by +11% on a day where most cryptocurrencies have retraced. One thing to continue watching is the continued behavior of whales and sharks.
Wallets holding at least 1M $ADA have been consistently accumulating since late November of 2023,… pic.twitter.com/pTHCqRCRC7
— Santiment (@santimentfeed) February 11, 2025
🐳📈 Cardano’s market cap has recovered by +11% on a day where most cryptocurrencies have retraced. One thing to continue watching is the continued behavior of whales and sharks.
Wallets holding at least 1M have been consistently accumulating since late November of 2023,…
— Santiment (@santimentfeed)
Since November 2023, these wallets have added 1.41 billion ADA tokens, accounting for 2.35% of the entire supply during the 15-month timeframe. The 1.41 billion ADA tokens are worth more than a billion dollars, hinting at growing confidence among Cardano investors.
Additionally, the increase in large-holder inflows suggests that institutional investors are actively accumulating ADA, reinforcing the long-term bullish outlook.
ADA Price Eyes $1.11 amid Breakout Chances
With the growing support of whales, a bullish breakout of the falling wedge pattern will lead to a high-momentum rally in the ADA price trend. Based on the Fibonacci retracement levels, this massive release of momentum might propel Cardano back to the 78.60% Fibonacci level at $1.11.
However, the 61.80% Fibonacci retracement level at the $1.00 psychological mark could act as a medium-term target. On the flip side, the crucial support for Cardano remains at the $0.68 horizontal level.