Cardano’s native currency ($ADA) is a platform for smart contracts, and its price is poised to rise if it can break through a crucial barrier that is now a “colossal sell wall” of 3.85 billion tokens being sold.
The price of ADA must surpass the $0.40 and $0.42 levels, which now have a sell wall of 3.85 billion ADA worth over $1.5 billion between them, to ignite a bull rally because it “faces minimal resistance ahead,” said well-known cryptocurrency expert Ali Martinez.
Notably, the cryptocurrency community anticipates a decline in the price of ADA in April despite continued adoption growth and whale accumulation of the native token of the network. Users that provided price predictions expected that, on average, ADA will close April trading at $0.37 per token, down around 7% from the token’s current price of roughly $0.3989.
Even while Cardano is now experiencing a boom in buying activity from big investors, or “whales,” the bearish prognosis comes at a bad moment. Over the past month, these significant token holders have added a total of 150 million tokens.
The price of $ADA might breakout to $0.60 per token, according to a late-last-month report from a cryptocurrency expert, after it created a head and shoulders pattern on the daily chart.
It’s important to note that a head and shoulders pattern is a chart formation that signals a bullish-to-bearish trend reversal; hence, an inverted head and shoulders pattern signals a bearish-to-bullish trend reversal. The pattern has a head and two shoulders-like baseline and three peaks, one of which is bigger than the other two. It is regarded as one of the most accurate patterns for trend reversals.
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