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03/13/2024

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Cardano Whales Accumulate Heavily: ADA Price Appears to be Programmed to Hit $1 Soon

Cardano failed to secure the levels at $0.8 as the bears restricted the rally at around $0.78 for the second consecutive time in the month. Besides, the Cardano whales and the retail traders have shifted their focus over the token, which could keep up the bullish trend for a long time.

Cardano Whales Accumulate Heavily: ADA Price Appears to be Programmed to Hit $1 Soon
Cardano (ADA) Price Hits 17-Month High With Whales Entering The Arena!

No sooner than the crypto markets regained momentum, the Cardano price began to head towards its interim milestone. The levels at $0.75 appear to be very pivotal, as the price has been deflecting each time it tested these levels. Initially, the third-generation token faced huge hindrances in surpassing these levels. And now, after facing multiple rejections, this level is acting as a strong support by offering a base to trigger a healthy upswing. 

In the coming days, the price is believed to maintain a healthy upswing as whales and retail traders have turned optimistic over the next price action. The supply of the top 100 addresses has been increasing since the last few days of February. Meanwhile, the supply in the top 1% has witnessed a steep upswing in the past couple of days, suggesting extreme accumulation being carried out by the whales. 

The 2.25% rise in a day of around 60 million ADA tokens suggests the whales are smelling huge bullish opportunities. In the meantime, not only the whales but also the retail traders have jumped in as a significant rise in the unique addresses have also been recorded at the same time. Hence, it suggests a monumental shift of interest by the traders and the whales over the asset, which may have a larger impact on the price in the long run. 

Will ADA Price Hit $1 in March 2024?

Ever since the start of the month, the ADA price has been closely consolidating within the range of $0.75. This may suggest the bulls could be accumulating strength to trigger, which may result in a bullish breakout beyond the interim threshold of $0.8. However, from a longer perspective, the token remains under acute bullish influence, following a bullish pattern and achieving the milestone at $1 anytime in the month. 

The weekly chart of the ADA price suggests the price is on its path to achieving $1 by surpassing a key resistance at $0.98. This move may even extend to the major resistance zone between $1.187 and $1.24 as the technicals flash bullish signals. The Bollinger bands have displayed a similar expansion that they showed during the 2021 breakout. Although the impact is less than that, the pattern formed indicates that the price will maintain a strong ascending trend with minimal bearish activity. 

Besides, the RSI remains within the bullish range, suggesting growing strength among the bulls. Therefore, the Cardano (ADA) price does flash a huge possibility of achieving $1 anytime in the month, which may trigger a healthy run in the coming days. 

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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