Cardano Price Surges 10.70% on Whales Accumulation
Cardano (ADA) has been making waves in the market recently, with a significant 10.69% increase in price, bringing it close to $1. With a market cap of $34.93 billion, Cardano has been on the rise, boosted by the accumulation of over 130 million ADA during recent market dips.
This surge in price is not just a random occurrence. Whales, or large investors, have been actively buying up ADA, showing a growing confidence in the asset. Part of this confidence stems from Cardano’s innovative developments, such as Halo2, its first Zero Knowledge smart contract, and its integration with Bitcoin’s DeFi layer.
Founder Charles Hoskinson’s positive outlook on Bitcoin, with predictions ranging from $250,000 to $500,000, speaks to the overall momentum in the sector. Cardano’s ability to leverage zkApps and enhance Babel fees further solidifies its case for adoption.
Taking a closer look at the technical indicators for ADA, we see a strong buying pressure with the daily RSI at 74.37, above the overbought threshold. While the RSI average of 80.41 indicates some cooling off from peak momentum, the Chaikin Money Flow (CMF) at 0.15 confirms positive inflows, supporting a bullish sentiment.
In terms of price levels, ADA has support at $0.93 and resistance at $1.02. If prices break above $1.02, we could see a push towards $1.20, fueled by the strong buying pressure. On the other hand, a drop below $0.93 would bring the next support level at $0.85.
Looking at the moving averages, we see bullish signals with the 50-day moving average crossing above the 200-day moving average, forming a golden cross—a long-term bullish indicator. With short-term moving averages on the rise, the overall trend for Cardano looks positive.
Overall, Cardano’s recent price surge and market developments highlight its potential in the crypto space, backed by innovative technology and growing investor confidence.
