Cardano Price Surge Tests Key Fibonacci Level Amid Whale Buying Frenzy

Cardano's price has surged about 5.23% in recent trading, reaching $0.2130 and testing the 0.5 Fibonacci level at $0.2132.

The token is currently above its EMA cluster and remains bullish as long as it stays above the $0.2060 EMA.

On-chain data indicates that whales have been buying up Cardano, with over 60 million ADA purchased during last week's dip.

This accumulation of tokens has led to a short-squeeze risk for investors who had previously taken shorts on ADA.