- The price of ADA fell more than 10% in the past week after a market structure shift had broken an important trend line.
- Despite the dip, whale accumulation in a demand zone caused a 3% recovery in 24 hours.
Cardano [ADA] Struggled last week. The Altcoin value fell by more than 10%, making it one of the largest weekly losers on the market. This fall a noticeable shift in the market structure followed.
Ada broke under an Uptrend Trendline support, which had held it since 7 April. The break meant weakness and changed Bullish trader sentiment to Beerarish.
This change in market structure invited sales pressure as the bears dominated.
However, the correction brought ADA to an important demand zone. The zone had previously served as support and was given a strong purchase interest.
Source: TradingView
Whale activity suggests accumulation
Ambcrypto analysis of the data on Cryptoquant chains indicated that whales had started to collect large buying orders when Ada was approaching the demand level.
This is a peak in whale activity while the prices test this most important demand zone, a strong investor’s interest at current prices suggests. It Also shows a potential basic education for the reversal.
The demand zone is currently the center. The buyers seem to take over. Ada has been restored by approximately 3% In the last 24 hours at the time of the press. This can be an early sign of bullish pressure structure.
Whales that accumulate in this region generally mean bullishness in the medium term. But if the question keeps going up, Ada can try a comeback.
However, the overall trend in the long term can still remain bullish, especially if Bitcoin and the rest of the market persist bullishness.
Source: Cryptuquant
Will Ada restore or fall further?
The demand zone is holding for the time being, but with weak support. The failure of bulls to grab the available momentum can see another wave of selling Push Ada lower.
On the other hand, persistent purchases – especially due to large portfolios – can cause an ultimate jump.
Both traders and investors will be awaiting a higher layer and recapture of the broken trend line. That would confirm a potential reversal. Until then, Ada is in a vulnerable zone where the market sentiment can go in all directions.
With whale orders and recent highlights that exhibit early strength, will be crucial in the coming days. If the demand zone applies, Ada could change one of the greatest losers of the week and initiate a short -term recovery.