Cardano Whales (ADA). They are back in the picture, with recent data suggesting that their confidence in cryptocurrencies may have been revived. If so, this would be a huge deal for the ADA, which it could face Significant price increases Soon enough based on this development.
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Cardano whales add to their holdings
the IntoTheBlock market intelligence platform Recently revealed on X (formerly Twitter) mail Cardano whales (which own between 100 million and 1 billion ADA) have now added 11% to their balances over the past 30 days. These investors now own 6.71% of the total supply of Cardano.
This represents a bullish development for Cardano since then Accumulation of whales It usually indicates that these investors are preparing for a potential price rise. These whales are also contributing to the price rise since purchases of this size could lead to a spike in the price of any cryptocurrency token.
Besides whales, retail investors are also investing heavily in Cardano. Data From IntoTheBlock shows that the bid-ask volume imbalance is bullish for ADA. Furthermore, the “In The Money” metric has also turned bullish for Cardano, meaning that most of these investors are currently making profits.
Overall, confidence in the Cardano ecosystem is growing again. Data From DeFiLlama shows that Total Value Locked (TVL) On the network by more than 5% in the past seven days. Recently, there has also been a significant increase in Cardano trading volumeWhich means that users are actively trading on the network.
Cardano rally is imminent
Crypto Analyst Chartist He noted that Cardano may soon see a significant rise, Pointing The hack of the cryptocurrency token has already been confirmed and is heading towards the expected price targets. He was the analyst I expected earlier That a successful breakout will take Cardano price reaches $1 In the coming weeks.
Trend Rider Crypto Analyst also Certain Cardano is already witnessing a bullish reversal, highlighting the rebound the cryptocurrency token has achieved after a bullish signal appeared on the daily chart. Short term analyst Expect ADA climbs back above $0.5 and He added Cardano will need to stay above $0.51 on a weekly basis to end the price correction and confirm bullish continuation.
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Cryptocurrency analyst Dan Gambardelloalso the founder of Crypto Capital Venture available An insight into Cardano's future path. He noted that Cardano is currently breaking its 20-day moving average (MA), which the analyst claimed is a very “nice sign” for ADA.
Gambardello noted on the daily chart of Cardano that the 50-day moving average has crossed the 200-day moving average, which most likely means that the bottom is already in place, and this is the lowest level that Cardano will reach. This event is referred to as a Golden cross It is a bullish signal, indicating the beginning of an upward trend.
Featured image from Pexels, chart from TradingView
