Cardano Whales Return To The Table, Increase Massive Holdings By 10%
May 18 2024 - 1:00PM
NEWSBTC
Cardano (ADA) whales are back in the picture, with recent data
suggesting their confidence in the crypto token may have been
revived. If so, this will be massive for ADA, which could
experience significant price surges soon enough based on this
development. Related Reading: Solana On The Brink? Price
Stalemate At Crucial $140 Support Cardano Whales Add To Their
Holdings The market intelligence platform IntoTheBlock recently
revealed in an X (formerly Twitter) post that Cardano whales (who
hold between 100 million and 1 billion ADA) have now added 11% to
their balances over the past 30 days. These investors now hold
6.71% of Cardano’s total supply. This represents a bullish
development for Cardano since whale accumulation usually suggests
that these investors are positioning for a potential price surge.
These whales also contribute to the price surge since buys of such
magnitude could trigger a rally in the price of any crypto
token. Besides the whales, retail investors are also heavily
invested 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 in profit. Generally,
the confidence in the Cardano ecosystem is growing once again. Data
from DeFiLlama shows that the Total Value Locked (TVL) on the
network has increased by over 5% in the last seven days. Lately,
there has also been a significant increase in Cardano’s trading
volume, meaning users are actively trading on the network.
Cardano’s Rally Is Imminent Crypto analyst World of Charts
suggested that Cardano might soon experience a significant rally,
noting that the crypto token’s breakout was already confirmed and
moving toward the projected price targets. The analyst had
previously predicted that a successful breakout would take
Cardano’s price to $1 in the coming weeks. Crypto analyst
Trend Rider also confirmed that Cardano is already witnessing a
bullish reversal, highlighting the bounce the crypto token made
after flashing a bullish signal on the daily chart. In the short
term, the analyst expects ADA to climb back above $0.5 and added
that Cardano will need to hold above $0.51 on the weekly to end the
price correction and confirm a bullish continuation. Related
Reading: Whale Watch: Ethereum Fresh Buy Signal Sparks Speculation
Crypto analyst Dan Gambardello, the founder of Crypto Capital
Venture, also provided insights into Cardano’s future trajectory.
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 pointed out on Cardano’s daily chart that
the 50-day MA has crossed the 200-day MA, which likely means that
the bottom is already in, and this is the lowest Cardano will go.
This occurrence is referred to as a golden cross and is a bullish
signal, indicating the beginning of an upward trend. Featured
image from Pexels, chart from TradingView
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