- Whales acquired 130M ADA at $0.30, reinforcing support and fueling a rally toward $1.00.
- On-chain data showed 70% of ADA holders in profit as whale activity boosts confidence.
As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I can confidently say that the recent whale accumulation of 130 million ADA at the $0.30 level is a bullish sign for Cardano’s future. This strategic move not only strengthened the support at this price point but also fueled a rally towards the psychologically significant $1.00 mark.
In recent times, whales have amassed about 130 million units of Cardano (ADA) during a market downturn when prices fell around $0.30. Now, this price point serves as a robust foundation, having significantly strengthened and become a crucial level of support.
After the purchasing spree, ADA has bounced back and is currently trading around $0.99, implying that large investors (whales) may have been stockpiling the cryptocurrency, which could have boosted its price increase and maintained its stability.
Whale accumulation and key price levels
According to crypto analyst Ali, it was observed that large investors (whales) bought approximately 130 million units of ADA during a recent market drop, indicating their belief in the asset’s future value.
During economic slumps, the buildup of resources frequently signals a positive outlook for individual investors, as major purchasers generally have a long-term strategy in mind.
As a crypto investor, I’ve noticed that the $0.30 support level seems to have solidified, given that the price of ADA has been holding steady and even bouncing back above $0.35. This suggests that accumulation took place at this level, implying potential strength for further growth.
Resistance near the $0.36–$0.38 range could determine the next critical price movement, while the psychological barrier at $1.00 is the next milestone for the token.
Current market performance and trends
At this moment, the value of ADA was $0.9898, representing a 6.19% rise in the past 24 hours and an impressive 18.47% surge over the last week. The 24-hour trading volume for ADA amounted to a substantial $3.11 billion. With a circulating supply of around 36 billion tokens, this gave ADA a market capitalization of roughly $35.39 billion.
Recent price data shows that ADA’s seven-day range extended from $0.773 to $1.12.
This display indicates a robust market appetite and active trading participation, bolstered by technical signs pointing towards continuous bullish energy.
Technical indicators signal bullish momentum
Each day’s analysis shows that Cardano (ADA) is maintaining its position above the 20-day moving average, currently set at $0.756. This moving average functions as a flexible line of defense.
As ADA gets closer to the significant level of $1.00, it appears that the range between its highs and lows (Bollinger Bands) is expanding, indicating an uptick in market volatility.
In simpler terms, the Relative Strength Index (RSI) for ADA was 74.66, which means it’s in an overbought zone. This could imply temporary resistance due to investors cashing out their profits. However, an RSI above 70 also indicates persistent bullish trends, suggesting continued market optimism.
At the same time, the Moving Average Convergence Divergence (MACD) displayed a bullish movement as the MACD line crossed over the signal line, while a positive histogram indicated an increase in upward trend.
On-chain metrics reflect market confidence
On November 27th, 2024, based on Coinglass data, I observed an outflow of approximately $2.82 million worth of ADA from exchanges. This suggests that more investors are transferring their tokens into personal wallets, potentially decreasing the amount available for immediate selling, and thereby reducing selling pressure.
As an analyst, I’ve observed some intriguing insights from IntoTheBlock’s data on Cardano (ADA). Approximately 70% of ADA holders are currently in a profitable position, while only about 29% find themselves in the red. Moreover, a significant 71% of these holders have maintained their positions for more than a year, indicating a strong commitment to Cardano over the long term.
Read Cardano’s [ADA] Price Prediction 2023-24
The price of ADA tends to mirror the overall market trends, given its strong 0.94 correlation with Bitcoin, which in turn contributes to its continued rise.
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2024-11-28 07:03