As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed countless bull and bear runs throughout my career. The recent surge in Cardano’s price has piqued my interest, particularly given the significant increase in whale activity on the network.
Recently, the value of Cardano has been accelerating noticeably, and it’s showing signs of a bullish reversal trend that might lead to increased prices in the future. The majority of these gains are thought to be due to an uptick in significant investors (whales) engaging on the network. However, the question remains: Will Cardano maintain this bullish price momentum?
Can Cardano Price Keep Up? Whales Buy 19.5 Billion ADA in 24hrs
Over the past day, the price of ADA has experienced a 3.8% increase and is now being traded at $0.3482. This surge may be linked to the broader market rebound following the Federal Reserve’s 50 basis point (bps) reduction on September 18th. However, it’s worth noting that significant ADA holders, often referred to as ‘whales,’ may have also played a role in this upswing.
As reported by IntoTheBlock, there’s been a significant increase of about 10% in ADA transactions made by large investors (whales) within the last 24 hours. These whales collectively transferred approximately 19.5 billion ADA coins, equivalent to around $6.48 billion.
The data indicates that significant investors, especially those possessing a wealth of $100,000 or more, are adjusting their holdings in Cardano. An increase in ‘whale’ transactions often signifies optimistic market feelings towards the coin, which might lead to an upward trend in Cardano’s price.
You Can Now Tokenize Gold on Cardano
EMURGO, which is closely associated with Cardano, and Kinka Gold, a subsidiary of a Japanese finance firm.
In the competitive chase to lead the Real-World Asset (RWA) tokenization market, Cardano is steadily positioning itself as the preferred blockchain platform within the bustling $7.16 billion sector.
The RWA industry is projected to hit $16 trillion by 2030, constituting 10% of the global GDP.
These improvements have the potential to boost the cost of Cardano, particularly as its usage increases. Notably, EMURGO has recently collaborated with Zilliqa to improve liquidity within both their respective platforms.
ADA price Forecast: Will Cardano Price Reach $0.5?
Since mid-July 2024, the value of ADA has generally been declining. But recently, it appears a double-bottom formation is taking shape, which could hint at an upcoming change in direction, potentially marking a turnaround.
Key Support and Resistance Levels
- $0.315: This is the key support, where the price recently bounced twice (forming the second bottom), indicating strong buying pressure at this level.
- $0.360: This is the neckline of the double bottom pattern. A breakout above this level would confirm the bullish reversal.
- $0.3938: This is the next significant resistance level and target after a potential breakout from the neckline.
Should the price surpass the $0.360 resistance level, it would indicate a successful bullish reversal. Based on our analysis, the potential upward movement could reach approximately $0.400.
Should the cost of Cardano approach around $0.315 (its current support level), it offers an attractive area for investors to gather or accumulate. Yet, dropping beneath this point could undermine the present optimistic outlook, as the value might plummet without control.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- USD CLP PREDICTION
- LAZIO PREDICTION. LAZIO cryptocurrency
- KATA PREDICTION. KATA cryptocurrency
- NXRA PREDICTION. NXRA cryptocurrency
- RBX PREDICTION. RBX cryptocurrency
2024-09-19 08:30