Cardano (Ada) has reached a critical stage that attracted the attention of investors. The price movement is stuck in the symmetrical triangular formation, which usually herself a harbinger of a big break. Technical indicators show that the island has a 40 %rise potential in the short term. However, there are a few important factors to determine what the direction will be.
Symmetric triangle: harbinger of the great movement
The symmetrical triangular formation refers to the stuck of the price by making lower peaks and higher bottoms. The gradual narrowing of the balance between buyers and sellers usually results in a harsh break.
Although the direction of this formation is not certain, it is known that market pressure causes it to explode at some point. Analyst Ali Martinez says that the island is stuck between $ 0.83 and $ 1.06 resistance. Exit from this area can open the door to a 40 %price movement.
Do whales affect the island price?
The price of Cardano is currently at the level of $ 0.97, but whale movements stand out as one of the main factors that delay the rise of the island.
On-Chain data shows that big investors sell 180 million islands in the last week. Especially sales from wallets that hold more than $ 1 million islands increase the downward pressure in the market. If this trend persists, the island may lose its support for $ 0.83. However, if the sales of whales stop, the rise can be opened.
How will the island’s price be shaped in the coming weeks?
Cardano’s price will be determined depending on the direction of the symmetrical triangular formation. If the island exceeds $ 1.06 resistance, the price can reach $ 1.50 with a 40 %rally. In this scenario, corporate investor interest is expected to increase.
However, if the price falls below $ 0.83 support, more sales pressure may occur. Bitcoin’s movements, macroeconomic uncertainties and whale procedures will play a critical role in determining the future price direction of the island. Now investors are curiously waiting for the direction of the island! If the general aspect of the market is up, Cardano seems to be likely to follow this trend. However, the weakening of investor confidence may maintain the narrow band movement of the island for a long time.
