Based on heightened whale accumulation, Cardano (ADA) might be gearing up for bullish momentum thanks to diminishing selling pressure.
According to Santiment data, whales with a 1-10 million Cardano balance have surged this month after hitting 2,462, illustrating their confidence in the ADA ecosystem.
Intensified holding by top players is deemed bullish since crypto is usually held for future purposes other than speculation.
Therefore, a soaring holding culture is engulfing ADA, with the 11th-largest cryptocurrency showing heightened efforts to break out of a symmetrical triangle.
A symmetrical pattern depicts a consolidation phase since it comprises several higher lows and lower highs. If the upper trendline is broken, this formation is also deemed a continuation pattern.
As Cardano continues traversing the $0.3638 price, the altcoin is showing signs of breaking out to the upside.
How Crypto Fits into the AI Picture
Even though artificial intelligence is taking center stage, cutting-edge technology grapples with trust and centralization challenges.
Based on the heavy overlap between AI and crypto users, a recent report by a16z highlighted that blockchain technology has the potential to enhance the equitability and accessibility of AI through decentralized solutions.
Per the report, “Crypto builders also have strong ties to AI. About a third of crypto projects — 34% — say they’re using AI, regardless of the category in which they’re building, up from 27% a year ago. The most popular category for applied AI tech is blockchain infrastructure projects.”
Meanwhile, an AI scam is making rounds targeting Ripple’s XRP holders amid crypto users lamenting the proliferation of scams within the digital assets community.
