Can Cardano whales stop ADA price from falling 20%?

ADA rate risks falling to June lowsDubbed Bump-and-Run-Reversal (BARR), the pattern establishes when excessive speculation drives the prices higher rapidly, eventually leading to a “bull trap” scenario. That brings ADAs cost target near $0.22 in August or early September, down 20% from current levels.Conversely, an ADA rebound can reach the 50-day rapid moving average (50-day EMA; the red wave in the chart listed below) near $0.30 in August, up 5% from the present prices.ADA/ USD daily cost chart. Source: TradingViewFurthermore, flipping the wave into support could see an additional run-up towards the 200-day EMA (the blue wave) near $0.34, up around 30% from current rate levels.Whales and sharks purchase ADA cost dipsOn-chain basics, nevertheless, could offset the bearish risks for Cardano.Notably, whale and shark wallets holding between 100,000 and 1 million ADA have actually collected $116.1 million worth of Cardano because May 2023, raising their net holdings to the highest levels since September 2022.

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ADA price dangers falling to June lowsDubbed Bump-and-Run-Reversal (BARR), the pattern establishes when excessive speculation drives the costs higher quickly, eventually leading to a “bull trap” situation. That brings ADAs price target near $0.22 in August or early September, down 20% from present levels.Conversely, an ADA rebound can reach the 50-day rapid moving average (50-day EMA; the red wave in the chart below) near $0.30 in August, up 5% from the present prices.ADA/ USD everyday price chart. Source: TradingViewFurthermore, turning the wave into support could see a further run-up toward the 200-day EMA (the blue wave) near $0.34, up around 30% from current rate levels.Whales and sharks purchase ADA cost dipsOn-chain basics, however, might offset the bearish risks for Cardano.Notably, whale and shark wallets holding between 100,000 and 1 million ADA have collected $116.1 million worth of Cardano because May 2023, raising their net holdings to the highest levels considering that September 2022.