Cardano ADA: whale movements herald a possible price rise... but

I witnessed Cardano Coin (ADA) Finally, strong activity once again, as data from market analysis platform IntoTheBlock showed a notable increase in cryptocurrency whale activity. These developments have revived hopes that ADA part It could soon see a significant rise in prices.

Cardano whales move huge amounts

IntoTheBlock reported on Twitter On Twitter, Cardano whales executed a significant average trading volume of $13.84 million per day over the past seven days. This translates to a total trading volume of approximately $96.88 billion during this period.

To show the scale of this number, IntoTheBlock added that this transaction volume represents a third of the current size of Bitcoin while it is 5 times and 16 times that of Litecoin and Dogecoin respectively.

These whales are believed to be taking advantage of Cardano's recent price drop to purchase more cryptocurrencies in anticipation of a price rise.

Appear Data CoinMarketCap reported that Cardano has fallen more than 11% over the past seven days, indicating that a trend reversal may be imminent.

Return of whales raises possibility of higher prices

The return of these whales could also contribute to this impending price rise, given their important role in price discovery. Blockchain analytics platform Santiment noted that “historically high Cardano whale activity is associated with a potential reversal in the price trend.” The platform also revealed that these transactions for whales are the highest since November 8.

Other measurements indicate an upward trend

In addition to whale activity, other on-chain metrics indicate an upward trend for Cardano. Data from IntoTheBlock shows that measuring concentration and imbalance between long and short volume gives a bullish signal.

In the meantime, although most carriers ADA They are currently not making any profit. They may need to add more to their positions to break even once Cardano price rebounds.

Technical analysis of Cardano ADA coin price

Technically, the image doesn't look as positive as it does on the show. On the contrary, the bearish signals are currently stronger.

On the daily chart Cardano ADA coin prices In early April, the downtrend line broke. Where it was moving during the recent uptrend.

But it stopped at the $0.45 pivot support level, which corresponds to the 61.8% Fibonacci retracement. The previous bottom formed last January.

Breaking this support level will open the door for a further decline towards the $0.38 level and then towards $0.30.

In general, the movements Cardano ADA coin prices Like many other digital currencies, it is tied to the general mood and direction of Bitcoin. The latter is in a correction and decline phase, especially after the Bitcoin price broke through a strong support level and touched the $56,000 level.

However, the movements of the whales remain logical, in order to exploit the declines to enter and strengthen their deals while waiting for the market to start to rise again.

The question now is how low it can go Cardano ADA coin prices Before the fix is ​​complete?

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