As a researcher with a background in blockchain and cryptocurrency analysis, I find the recent surge in Cardano (ADA) whale activity to be an intriguing development. Based on the data from IntoTheBlock and other on-chain analytics platforms, it appears that large transactions by Cardano whales have increased significantly in the last week, with a total transaction volume of approximately $96.88 billion. This is a substantial amount and could indicate that these whales are positioning themselves for a potential price surge.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development regarding Cardano (ADA). Data from market intelligence platform IntoTheBlock indicates a remarkable increase in whale activity surrounding this token. This trend has rekindled optimism among investors, suggesting that a substantial price jump for ADA could be on the horizon as a result of this significant activity.
Cardano Whales Move $13.84 Billion
In a recent post on X (previously Twitter), IntoTheBlock revealed that the average daily large transactions for Cardano amounted to approximately $13.84 billion over the past week. This equates to a staggering total transaction volume of around $96.88 billion during this timeframe. To put this into perspective, IntoTheBlock highlighted that this figure is nearly one-third the size of Bitcoin‘s current transaction volume. Furthermore, it represents more than five times the daily transaction volumes for Litecoin and over sixteen times that of Dogecoin.
It’s thought that these whales are seizing the opportunity presented by Cardano’s recent price declines to buy large quantities of the crypto token, expecting its value to increase significantly in the near future. According to CoinMarketCap, Cardano has experienced a drop of over 11% within the past week, which could be an indication that a turnaround is on the horizon.
The comeback of significant Cardano whale investors could potentially trigger an upcoming price increase, given their substantial influence on market trends. According to Santiment’s analysis, a notable uptick in whale activity on this platform has previously indicated possible price corrections. Moreover, the frequency of these large transactions is currently at its highest since November 8th.
In addition to whale behavior, there are other indicators based on on-chain data that point towards a bullish trend for Cardano. According to IntoTheBlock’s metrics, the Concentration and Bid-Ask Volume Imbalance signals are currently bullish. Furthermore, although most ADA holders are presently underwater, they might be compelled to acquire more tokens as Cardano rebounds in order to reach breakeven.
ADA’s Price Action From A Technical Analysis Perspective
Dan Gambardello, founder of Crypto Capital Venture, pointed out on X (previously Twitter), that Cardano is now exiting its overbought state. This observation implies an upcoming price rise. He added that a more significant dip could potentially lead the crypto token, along with the wider crypto market, into an oversold condition. In this scenario, a strong price surge might ensue.
Crypto analyst Trend Rider has predicted that Cardano only needs to maintain a price above $0.52 for several weeks before experiencing a significant surge in value. He draws a parallel to the events of 2020, explaining that a similar “mega bull run” occurred for Cardano after it successfully held above a vital support level.
Currently, Cardano is priced at approximately $0.45 based on market information from CoinMarketCap, representing a gain of more than 1% during the previous 24-hour period.
Read More
- ENA PREDICTION. ENA cryptocurrency
- USD PHP PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SHIB PREDICTION. SHIB cryptocurrency
- USD COP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- Red Dead Redemption: Undead Nightmare – Where To Find Sasquatch
- USD ZAR PREDICTION
- Every Obsidian Entertainment Game, Ranked
2024-05-01 02:11