According to the latest Santiment data published by Cardano, which continues to expand with its own ecosystem, it has been noted that whale addresses holding 1 million to 10 million ADA have been purchased ADA in the last 5 weeks (196 million more) after a 7-month decline period.
At the same time, the Cardano (ADA) Vasil hard fork upgrade, which is expected to be released in June, aims to greatly increase the scalability and performance of the network.
When we look at the general market direction after the FED interest rate decision announced yesterday, a positive trend was dominant, especially on the Bitcoin side.
In addition, when we look at the technical weekly data of Cardano; The double bottom formation after the correction made with the latest decline and the RSI side being in the oversold zone area stood out.
Cardona, which caught a second low with the most recent decline, found support in the region of approximately $ 0.76.
In case of running the double bottom formation here, namely the $1.17 and $1.26 region, the breakout of the area corresponding to the neckline region of the formation and the closings above it, as well as the specified resistance levels, can be followed respectively.
With the formation working, the formation target is around $1.65. In possible retracements, the band gap of 0.76 and 0.68 dollars will be the first support point.