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

• 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.  

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. 

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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.

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