In simpler terms, the value of Cardano (ADA) has risen above $1 again and continues to climb due to increased interest from crypto investors. Even the big players, or “whales,” are contributing to this trend by actively purchasing more ADA at higher rates.
Whale activity signals bullish ADA sentiment
As reported by Ali Martinez, a cryptocurrency expert, large investors (whales) on the Cardano platform have purchased approximately 30 million units of ADA over the past day. This could indicate significant investment and faith in the potential or upcoming growth of ADA’s price.
Whales bought an additional 30 million #Cardano $ADA in the last 24 hours!
— Ali (@ali_charts) January 16, 2025
Significantly, massive investments by whales indicate optimistic expectations about the market. These big-time investors often make these substantial purchases when they foresee a possible increase in an asset’s worth. In this instance, the price of Cardano has risen due to heightened investor interest.
An uptick in significant purchases of Cardano by major investors might spark optimism among market players. Such enthusiasm could draw in additional investors, possibly leading to a rise in the value of ADA.
At the moment I’m writing this, ADA is trading at $1.05, marking a 5.64% surge over the past 24 hours. The trading volume has spiked by 24.46%, reaching a whopping $1.95 billion, as more investors jump on board, hoping to snag this asset in expectation of continued price escalation.
Technical indicators favor further growth
As Cardano surpassed the psychologically significant $1 mark, investor attention has now turned towards maintaining stability above this crucial resistance point.
Researchers have been examining the daily Simple Moving Average (SMA) 50 chart for Cardano (ADA). They speculate that for the asset to avoid a potential drop in the near future, it would require retail investors to join forces with existing large-scale buyers, or ‘whales’, in their accumulation of ADA.
Should market activity maintain its current pace, it’s possible that the ADA price may aim for approximately $1.32, with potential further progression towards the $2 mark.
In simpler terms, Cardano’s Relative Strength Index (RSI) indicates that the asset is still undervalued and not excessively bought, suggesting potential for further growth. This, combined with community support, could help ADA maintain its position among the top 10 cryptocurrencies, as it has shown superior performance compared to other top 10 cryptos in the recent past.
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2025-01-16 18:00