The price of an altcoin that whales are starting to collect in high volumes is struggling to make a move above the critical support level and displays an interesting chart. A rejection here could lead to a buying opportunity for patient investors before the altcoin explodes. As Kriptokoin.com, we are transferring the details.
This altcoin could offer a buying opportunity
Cardano (ADA) price is struggling to make a move above the critical support level, which could present a buying opportunity to its investors before the start of the rally. Also, the upcoming Vasil hard fork, which will be released in June, is an upgrade that will expand the smart contract capabilities of Cardano and Plutus. Therefore, investors are looking forward to June. Cardano price is facing massive selling pressure along with a lack of volatility as it approaches the midpoint of the $0.487 to $0.614 range at $0.551. Rejection of this level could lead to a range low at $0.487.
Assuming this minor downtrend has taken place, it will signal a market manipulation from altcoin investors. This move will likely be followed by a quick return from the $0.614 high range. This increase translates to 25 percent gain and is a place where a local peak can occur. However, if buyers continue to participate, the rally could extend as far as $0.677, bringing the overall gain up to 40 percent.
There are positive signals for Cardano
Given how bitcoin price is poised to make a move, Cardano price could benefit if BTC supports a bullish bias. In such a case, investors who are patient and stand on the side have a good opportunity to accumulate ADA at a discount. Supporting this bullish situation for the altcoin is the supply distribution, as evidenced by the accumulation seen by whales holding 100,000 to 1,000,000 coins. This category of owners increased their numbers from 20,562 to 20,637, representing a 0.33 percent increase. This slow inflation of the number of wallets holding ADA represents ADA backlog from institutional investors and falls in line with the technical outcome.
Regardless of the bullish optimism displayed by Cardano price, there is a good chance that ADA will follow if sellers accumulate Bitcoin (BTC) in the short-term. In such a case, if Cardano price produces a four-hour candlestick below $0.471, it will produce a lower low, invalidating the bullish argument. This move will pave the way for sellers to drop ADA 15 percent to $0.397.
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