Cardano Price: $2 Rally Incoming or Bearish Wedge Formation?

Cardano (ADA) recently displayed a convincing move away from the trenches Santiment revealed that ADA whales are buying more since the January 17 price crashBulls need to breach the $1.1 resistance or else the Ascending Wedge pattern will materialize

Cardano (ADA) has recently made an interesting move amid reports that whales are buying the cryptocurrency in bulk. Specifically, Santiment tweeted that crypto wallets holding between 10,000 to 1 million ADA have even purchased more since the January 17 crash.

This huge ADA buy has only been compared to the Bitcoin accumulation taking place. Moreover, this may be causing ADA’s recent price bounce.

As seen on the chart above, Cardano’s price has found its bottom at $1 on January 1. After consolidating for a couple of hours, the price has started making headway to the $1.1 psychological resistance level. Indeed, ADA was able to touch the mentioned price before meeting sufficient resistance from the bears.

At the time of writing, ADA’s price is at $1.08, according to CoinMarketCap. Should the bulls regain their strength, ADA may flip its $1.1 resistance into support.

However, ADA is beginning to form the Ascending Wedge pattern – a bearish sign. If ADA fails to breach the ceiling soon, the market may go sideways and inadvertently cause the aforementioned bearish pattern to materialize.

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