Cardano price predicts a 30% surge with growing reversal pattern and whale purchases.
der pattern. The pattern consists of three troughs: the left shoulder, the head, and the right shoulder, with a neckline connecting the peaks between the shoulders.
The recent price increase has brought the coin price within 2.75% of challenging the neckline resistance at $0.7. A breakout would signify the completion of the pattern and a potential reclamation of the trend-defining EMAs of 100 and 200.
If sustained buying continues, a post-breakout rally could lead to a 32% surge, targeting $0.967. Conversely, a breach below the right shoulder support at $0.664 would empower sellers to invalidate the reversal pattern.
In conclusion, the Cardano price has demonstrated signs of a potential 30% rally driven by an emerging reversal pattern and increased accumulation from whale wallets. The recent uptrend, supported by a breakout from consolidation and whale accumulation, hints at a bullish sentiment among holders of ADA. As the market continues to recover, investors are closely watching key levels and patterns for potential buying opportunities or trend reversals. With the current momentum, the ADA coin appears poised for further upside if the bullish scenario plays out as anticipated.
