ADA In The Spotlight: Heavyweight Investors Pile Into Cardano, What’s Next?
December 04 2023 - 1:00PM
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Cardano (ADA) has recently caught the attention of large-scale
investors, also known as ‘whales.’ Crypto analyst Ali, leveraging
on-chain data, has observed a significant uptick in large ADA
transactions, typically over $100,000, in the past three months.
Ali noted that this growing trend suggests a heightened interest
from institutional players and high-net-worth individuals in ADA.
The analyst further disclosed that such whale activities have often
been precursors of imminent price movements. #Cardano | In the last
three months, there’s been a significant increase in $ADA
transactions over $100,000, reaching new highs consistently. This
surge points to growing interest in #ADA from institutional players
and whales, which is usually a precursor to price spikes.
pic.twitter.com/APczM2PGxM — Ali (@ali_charts) December 4, 2023
Notably, while transactions can significantly impact a crypto’s
market dynamics, when whales accumulate an asset, it often reduces
circulating supply, creating potential upward pressure on prices.
Conversely, when they sell, it can result in a sudden increase in
supply, leading to price drops. In ADA’s case, the recent whale
activities have coincided with a positive price trajectory. ADA
Bullish Trajectory And Market Outlook ADA’s market performance has
mirrored the growing whale interest. In the last 24 hours alone,
the crypto asset has experienced a 2.2% increase, and over 5% in
the past week. Although ADA has seen some retracement from its
recently achieved peak above the $0.41 mark, it currently maintains
a steady position in the $0.40 zone. This bullish trend is further
supported by a surge in ADA’s trading volume, which has doubled
from $250 million to over $500 million in a week. This increase in
trading activity and price aligns with the predictions of another
analyst, Dan Gambardello. Gambardello has identified bullish setups
in Bitcoin, Ethereum, and ADA, projecting that ADA could climb to
$0.45 in the short term, with a longer-term target of $0.80-$0.85.
The analyst attributes his optimistic forecast to the growth and
resilience of the Cardano ecosystem, even amid the recent broader
market’s bearish trends. GROUNDBREAKING MOMENT: Bitcoin, Cardano,
Ethereum Setup For BULL MARKET https://t.co/cPfZzIVCxh — Dan
Gambardello (@cryptorecruitr) December 4, 2023 Recent data from
DeFiLlama reveals a notable uptick in Cardano’s ecosystem, with its
Total Value Locked (TVL) experiencing over 20% growth in the past
month, currently standing at $275 million. Although this figure is
below its March 2022 peak of over $300 million, the ecosystem’s
approach toward this previous high point reflects its resilience,
as indicated by Gambardello amid the recent bearish market
sentiments. Cardano’s Ecosystem: A Catalyst For Future Growth?
Gambardello’s enthusiasm for Cardano extends beyond its current
market performance. The analyst believes that the Cardano
ecosystem’s development during the bear cycle positions it for
significant growth in the future. Gambardello predicts that Cardano
could soon account for 1% of the total crypto market
capitalization. Such a milestone would be a testament to the
asset’s ecosystem robustness and innovation, potentially leading to
ADA’s substantial rise in the next bull run. Notably, Gambardello
isn’t the only analyst predicting a bullish future for ADA. In a
recent post on X, Ali highlighted ADA’s presence in a crucial
demand zone. The analyst pointed out that the price levels around
$0.37 to $0.38 have seen substantial buying activity, with over
166,470 wallets acquiring ADA in this range. #Cardano sits at a key
demand zone between $0.37 and $0.38. Here, 166,470 wallets acquired
4.88 billion $ADA. With minimal resistance ahead and solid support
below, remaining above this zone could pave the way for $ADA to
climb to new yearly highs. Still, watch out, as losing…
pic.twitter.com/GDjhspFSVr — Ali (@ali_charts) November 27, 2023
Ali interprets this strong buying interest as an indication of a
solid support level for ADA. According to his analysis, ADA is
poised for an uptrend with little resistance ahead, potentially
exceeding its yearly high of $0.4518. Related Reading: On The Brink
Of Breakthrough? Analyst Foresees Cardano (ADA) Hitting New Annual
Heights Despite ADA recently surpassing and seemingly respecting
these key demand zones, its price has only reached a peak of $0.41
so far, not quite breaching the $0.45 mark. However, given the
surge in whale activity and the bullish sentiment enveloping the
global crypto market, reaching and possibly surpassing the yearly
high remains a plausible outcome. Featured image from Unsplash,
Chart from TradingView
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