Cardano Outperforms in Whale Activity — What This Means for ADA Price
Highlights
- Multiple technical supports at $0.445 hint at a potential area of reversal.
- The Cardano coin may extend correction until the resistance trendline is intact.
- The intraday trading volume in the ADA coin is $302.6 Million, indicating a 29% gain.
Cardano price: The Bitcoin price correction below the $62000 level on Monday accelerated the supply pressure in most of the major cryptocurrencies including Cardano. The ADA price showcased a downswing from $0.52 to $0.44 registering a weekly loss of 14.45%. The altcoin currently hovering above the combined support of 61.8% Fibonacci retracement level and $0.445 created a high area of interest for buyers to counterattack.
Also Read: Binance Expands Support For SOL, SHIB, XRP, ADA, Prices To Recover?
ADA Buyers Rally at Key Fibonacci Level for Reversal Clues
The ongoing correction trend in Cardano price witnessed a spike in demand pressure at $0.445. This support level aligned with the 61.8% Fibonacci retracement level— crucial technical support amid a long correction trend.
The ADA price currently trades at $0.45 and a lower price rejection at the aforementioned support indicates the buying pressure is still in action. If the broader market sentiment improves, the Cardano coin is poised to challenge the overhead trend for an early signal of a trend reversal.
Moreover, Cardano’s activity is surging as ‘whales’—large-scale investors—have been notably active. According to IntoTheBlock, a prominent crypto analytics firm, the average large transaction volume for Cardano has reached $13.84B daily over the past week.
To put this into context, this volume is approximately a third of Bitcoin’s current transaction volume, quintuple that of Litecoin, and an impressive 16 times greater than Dogecoin. This bustling activity among Cardano’s major investors could be a sign of significant market movements and warrants attention from the crypto community.
A potential breakout will momentum the buying pressure, bolstering buyers to chase the $0.57 and $0.687 high.
Technical Indicator:
- Relative Strength Index: The daily RSI slope at 35% reflects the sellers are still playing an active role in ADA’s price movement.
- Exponential Moving Average: The 20 EMA slope continues to act as dynamic resistance and signals a high momentum selling in this asset.
Related Articles
Recent Posts
- Price Analysis
Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
The Solana price hovered near $184, posting a slight 0.52% daily gain as analysts issued…
- Price Analysis
Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
The Shiba Inu price trades at $0.00000990 after rising 4.29% in the past 24 hours.…
- Price Analysis
Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
The Ethereum price has risen 2.74% in the past 24 hours to trade at $3,892.28.…
- Price Analysis
HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
HYPE price has crashed by over 40% from its highest point this year amid the…
- Price Analysis
XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
The XRP price has struggled to gain traction after recent volatility in the crypto market.…
- Price Analysis
Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
The Bitcoin price has dropped by 5.13% in the past 24 hours to trade at…