- Cardano whales have stepped up their accumulation trends
ADA’s price continues to trade within a downtrend though
As an experienced financial analyst, I have closely monitored Cardano’s market trends and noticed a significant increase in accumulation among its whale wallets. This is a positive sign for the cryptocurrency as it indicates confidence from large-scale investors. However, their current positions reflect losses, which could be a cause for concern.
Lately, there’s been a significant increase in the amount of Cardano held by large investors in their wallets. This trend implies that these major players have been buying more of the cryptocurrency. However, contrary to this accumulation, numerous whale wallets are presently underwater, meaning they’ve invested more money than the current value of their Cardano holdings.
The total count of participants has remained relatively unchanged during the last several weeks, indicating a possible decrease in new joiners.
Cardano whales increase their supply
Over the past month, there has been a significant change in the distribution of Cardano’s token supply. Specifically, it was found that wallets containing between 100 million and 1 billion ADA tokens have amassed around 11% more of this cryptocurrency.
After observing their behavior, this particular cohort of whale wallets currently controls approximately 6.5% of the entire Cardano (ADA) supply.
As a researcher studying the distribution of Ada cryptocurrency, I’ve found that an intriguing observation can be drawn from analyzing the largest wallets holding one billion ADA or more. It appears that the rate of accumulation in these wallets has noticeably decreased in recent periods.
As a analyst, I would interpret this finding as follows: I observed that even though these major token holders aren’t currently purchasing additional tokens, they are simultaneously choosing to retain their existing stashes instead of unloading them on the market.
New holders stall
Although the count of large Cardano wallets holding a significant amount of ADA has risen, the total figure of ADA owners has stayed constant. An assessment of the entire pool of holders reveals that the growth rate has recently leveled off. As of now, there are roughly 4.47 million unique ADA account holders.
An analysis of the data showed that the figure had stayed fairly steady at approximately 4.48 million since January, with a brief increase before returning to its original value by the time the data was recorded.
How good is the Cardano bag?
The 30-day Market Value to Realized Value ratio for Cardano, represented by the MVRV indicator, signifies that investors who purchased ADA within the past month are presently experiencing a loss. Based on chart analysis, ADA fell beneath the zero mark around March 16 and has stayed below this level ever since.
As of the current moment of reporting, the 30-day Moving Average Realized Value (MVRV) for ADA was calculated at a negative 9.11%. This figure indicates that investors who recently bought ADA within the past month have incurred losses exceeding 9% on their investments.
ADA continues to chase the bull trend
As a researcher studying the daily price movements of Cardano, I observed an uptrend in its value. Specifically, the chart indicated a rise from approximately $0.42 to above $0.45, equating to a moderate gain of around 5%.
As a crypto investor, I’m observing that the price of the cryptocurrency is hovering near the $0.45 mark at present, with small shifts occurring between experiencing slight profits and incurring minimal losses.
– Read Cardano (ADA) Price Prediction 2024-25
A support level of $0.42 exists for Cardano (ADA), making it an immediate barrier against potential price drops. Nevertheless, due to its bearish short-term outlook as shown by the Relative Strength Index (RSI), Cardano is expected to continue trending downwards. However, it’s important to note that this persistent bearish trend might not be very strong, with the RSI only slightly below the neutral line on the price charts.
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2024-05-17 10:15