Cardano whales acquire 130M ADA: Is $1.00 breakout on the horizon?
Cardano Whales Bet Big on 130M ADA—Is $1.00 in Sight?
Hey there, crypto enthusiasts! Exciting news in the world of Cardano—whales have recently acquired a whopping 130 million ADA during a price dip, nudging the price towards the $1.00 mark. It’s got everyone wondering if that $1 resistance level is about to crumble.
According to on-chain data, a whopping 70% of ADA holders are currently enjoying profits, thanks to recent whale activity that has really bolstered confidence in the token. So, what does this whale accumulation mean for the future of ADA?
Well, the whales are clearly bullish on ADA’s long-term potential, having snatched up those 130 million tokens during the recent dip. This kind of buying spree often signals good things for smaller investors, who may see it as a vote of confidence in the token’s future growth.
And where did this accumulation happen? At the key support level of $0.30, which has now become a major stronghold for ADA. Since then, ADA has bounced back and is now trading close to $0.99, showing that the whales’ investment has had a positive impact on price stability.
Looking ahead, the next big challenge for ADA will be breaking through the resistance levels between $0.36 and $0.38. But all eyes are on the ultimate prize—the psychological barrier of $1.00.
In terms of market performance, ADA is currently sitting at $0.9898, with a solid 6.19% increase in the last 24 hours and an impressive 18.47% increase over the past week. With a 24-hour trading volume of $3.11 billion and a market capitalization of around $35.39 billion, ADA is definitely making some waves in the crypto world.
Technical indicators are also looking promising, with ADA holding steady above the 20-day Simple Moving Average and Bollinger Bands widening, indicating increased volatility. The Relative Strength Index (RSI) is a bit high at 74.66, suggesting potential resistance in the short term, but still signaling strong bullish momentum.
On-chain metrics tell a similar story, with data showing that 70% of ADA holders are currently in profit—an encouraging sign for the token’s future. And with only 29% of holders at a loss, it’s safe to say that ADA’s long-term holders are feeling pretty confident.
So, what’s next for ADA? With a 0.94 correlation to Bitcoin, ADA’s price movement tends to mirror broader market trends. But with all the positive indicators we’re seeing, there’s definitely potential for ADA to keep climbing higher. Stay tuned for more updates on this exciting journey!
