Whales Acquire Multi-million ADA, Is $1 Sooner Than Expected?

Cardano Price Moves Steadily Higher, ADA Believers Bullish
  • Crypto whales accumulated $138 million worth of ADA
  • ADA may reach $1 sooner than expected
  • Cardano ranks within the top 10 cryptocurrencies in the market

Cardano keeps its reputation as one of the favorite cryptocurrencies in the space. In detail, the combined addresses of crypto whales accumulated $138 million worth of ADA in the past 8 days.

This made Lark Davis, a crypto analyst, react in a tweet post:

In addition, analysts state that if investors continue to mass adopt ADA, things can be more interesting in the coming months. Meanwhile, the most awaited Vasil hardfork is still on its final phase, another reason to consider why Cardano may be facing a bullish run in the coming months.

In terms of market status, Cardano ranks within the top 10 cryptocurrencies in the market with Bitcoin and Ethereum. The market capitalization of ADA that supports its status in the space amounts to nearly $19 billion.  

Source: TradingView

As seen in the graph above, the RSI of Cardano maintains its position inside the 70-30 levels. In short, ADA is neither overbought nor oversold. In this case, traders and investors can expect smooth trading activity in the following days without the fear of any major price reversals. 

The MACD in the graph is also moving in an uptrend position. If ADA continues to move above the “0” line, holders can expect a price boost in the days to come. However, if MACD heads below the zero line, traders must trade with caution to avoid potential losses. 

To sum it up, Cardano is one of the cryptocurrencies in the industry that never stops developing its network. It is also one of the reasons why Cardano keeps winning the trust of investors around the world. If this goes on, the $1 resistance level of Cardano will soon become its support level as it approaches higher prices. 

Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether expressed or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers perform their own in-depth research before investing in cryptocurrency.

disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.