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Cardano [ADA] experienced significant whale activity, with $6 billion in large transactions.
In-depth analysis revealed ADA could be at a crucial junction.
As a seasoned crypto investor with a few scars from past bear markets etched onto my battle-worn forehead, I find myself intrigued by Cardano’s [ADA] recent moves. The whale activity is undeniable, and it’s always fascinating to observe the dance of the big players in this space. However, as we all know too well, past performance is no guarantee of future results.
Over the last 24 hours, there’s been a significant increase in large-scale Cardano [ADA] transactions, amounting to approximately 6.08 billion dollars. This substantial rise, which is equivalent to about 17.71 billion ADA, suggests heightened trading activity among major players in the market.
But should you exercise caution?
ADA on whale alert
As Bitcoin [BTC] finds itself in a period of holding steady, it appears that some investors might be turning their attention towards Cardano, which has experienced a notable increase of more than 10% during the last seven days.
It’s interesting to note that data from IntoTheBlock showed an unusual turn of events. Even though the price was climbing, significant ADA holders opted to cash out, with around 219 million ADA being transferred to exchanges – a substantial jump of 606% compared to the day before.
Source : IntoTheBlock
In a welcome turn of events, the occurrence coincided with Bitcoin reaching $58K, at the same time as a significant 2.5% decrease was observed in a crucial inflation measure. This development has fueled optimism among many, suggesting an upcoming reduction in interest rates.
Consequently, the upward push in ADA‘s price might be due to buying demand overpowering the selling pressure, with the coin currently trading at $0.3601.
In a similar vein, by the end of August, Bitcoin reached $64K following a period of 13 days of stability. At this time, Cardano (ADA) stood out with significant increases in value. However, there’s an unusual sense that things are different this time around.
September roadmap fuels the pump
To begin the month robustly, Cardano implemented the Chang update, moving steadily towards complete decentralization. Subsequently, the number of active ADA wallets per day hit a 180-day high, amounting to approximately 40,000.
On its debut day, the launchpad for the meme coin called Snek-Fun witnessed a significant surge in network activity. An impressive 2,200 units of this coin were generated, while trading volume in ADA reached an astounding $4.5 million.
The enhancements ignited a significant rise in the value of ADA, causing roughly 200,000 wallets to shift from being at a loss to generating profits. These accounts currently hold an estimated $4 billion in ADA tokens.
Source : IntoTheBlock
Should Cardano’s bullish trend continue, it is plausible that approximately 400,000 more wallet holders might experience profits if ADA manages to surpass the current resistance at around $0.39.
This would hinge on whales not selling, holders keeping their profits, and overall sentiment remaining bullish.
With one major player having sold, what are the odds for the rest?
$0.39 off the charts for Cardano [ADA]?
In simpler terms, if the bulls are to make a significant advance, they must first overcome the resistance at around $0.39. This can only occur if the bears give up their control, enabling a strong upward trend to develop.
Source : Santiment
It’s worth noting that the general sentiment about Cardano has stayed optimistic, reaching its highest point a day following the Chang update.
Read Cardano’s [ADA] Price Prediction 2024–2025
Despite a decrease in the average age of coins (180-day mean coin age) and MDIA, which suggests heightened selling or cashing out, there’s optimism for a breakout. However, it appears a temporary dip or pullback might occur first.
In simpler terms, the value of ADA is largely influenced by the fluctuations in Bitcoin’s price. If Bitcoin doesn’t experience a surge, a possible decrease in ADA’s value may occur. It’s crucial to keep an eye on short-term holders who have made profits, especially if September remains volatile, as they might decide to sell their holdings.
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2024-09-13 05:12