Cardano (ADA) Price Shows a Slight Uptick of 1.92% to Reach the Current Trading Value of $0.712.

The Cardano price showed a slight uptick of 1.92% to reach the current trading value of $0.712. The buying pressure followed broader market recovery as Bitcoin broke past $95k, signaling a renewed recovery trend in the market.

The Cardano price displayed a slight uptick of 1.92% to reach the current trading value of $0.712 by May 3, following broader market recovery as Bitcoin broke past $95k, signaling a renewed recovery trend in the market.

If the bullish momentum holds, the ADA coin shows potential for a sharp surge in the short term as price action reveals a renowned reversal pattern amid an accumulation trend from whales.

Whale Wallets Accumulate 410M ADA in April

Over the past three weeks, the Cardano price has shown a bullish turnaround from $0.51 to $0.71, registering a 40% growth. This uptrend bolstered buyers to reclaim the fast-moving averages (20 and 50), accentuating the improving market sentiment.

However, on-chain data from analyst Ali Martenz showed that whale wallets have accumulated more than 410 million ADA throughout April.

This aggressive buying spree by large holders indicates growing confidence in the Cardano network.

Cardano Price Hints Major Breakout Reversal Pattern

For the past 10 days, the Cardano price has remained in a bounded range between the $0.67 to $0.746 levels. The consolidation shows a series of neutral candles with rejection wicks on either side, indicating a lack of initiative from buyers or sellers.

However, an analysis of the daily chart shows this lateral trend as the formation of a right shoulder from the inverted head and shoulder pattern. The pattern includes three troughs: the left shoulder, the head, and the right shoulder. A neckline is drawn by connecting the peaks between the shoulders.

With today’s price jump, the coin price is just 2.75% away from challenging the neckline resistance at $0.7. A bullish breakout will signal the completion of this pattern and reclaim the trend-defining EMAs of 100 and 200.

With sustained buying, the post-breakout rally could drive a 32% surge and hit $0.967.

On the contrary, if the coin price breaks below the right shoulder support of $0.664, the sellers could strengthen their grip on this asset to invalidate the reversal pattern.