Cardano Gearing Up For Recovery As ADA Whales Become Active Again
Cardano whale activity has seen an uptick despite a slight pullback in price. The network which remains one of the top competitors for the leading smart contract network has drawn the attention of these large investors, who have increased their activity on the blockchain significantly.
Cardano Whale Transactions Rise To 6-Month Highs
With the market returning into what looks like another bull run, ADA whales are taking advantage of price action. The result of this is a massive uptick in their transacted volume on a weekly basis, which puts it back at a six-month high.
The data shows that whale transactions higher than $100,000 were much higher in the last week. They collectively moved around 30 billion ADA, which is worth over $10 billion at current prices, a significant increase from the prior week.
More importantly, the last time that the whales were this active was back in August 2022 when the price of ADA had rallied to a local peak of$0.57. Usually, such large movements are accompanied by positive price trends, something that is more of a possibility now that the market is seeing positive movement once more.
ADA Price Looks Solid
Despite the sluggish movement over the last week, the price of ADA is still maintaining its position above the 100-day simple moving average. This position solidifies the digital asset’s tendency to continue on a rally rather than see another decline.
With whale activity ramping up, it could lead to more demand for the asset, inevitably driving its price further up. If this happens, ADA could quickly clear the $0.5 resistance level before it runs out of steam.
However, the price of ADA is still seeing significant resistance just above $0.35, and with support resting at $0.32, it could quickly lose its present value if there is nothing to hold it up as well. This means it’s important for the cryptocurrency to maintain some form of an uptrend or risk a crash from here.
Like most of the altcoins in the crypto market, Cardano has been unable to keep up with Bitcoin’s recovery. In the last seven days, the asset is seeing only a 1.23% uptick. This has caused its price to trend to the $0.34 level for the last couple of days.
At the time of writing, ADA is changing hands at a price of $0.3451. Its price is up 1.35% in the last day and seeing 0.90% gains on the one-hour chart.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Best Owie, @Khareem Sudlow