Cardano Price Prediction as Whale Activity Surges to $13 Billion; Will ADA Rebound?

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Cardano price prediction

Cardano price prediction: ADA experienced a promising upturn on January 8, suggesting a potential reversal in its recent downtrend. However, this initial gain failed to sustain, and the asset did not achieve a significant breakout. Since reaching its yearly high on December 14, 2023, Cardano has been trapped within a corrective pattern. 

This trend continued with an unsuccessful attempt to break through this barrier on January 11, 2024, leading to a further decline. The last month has seen a growing dominance of bearish momentum, overshadowing brief recovery periods.

Despite these short-term setbacks, Cardano’s performance over the past year has been uplifting with a bullish momentum. The asset has witnessed a substantial increase of over 50% compared to the previous year. This remarkable growth has fostered a sense of optimism among investors and market analysts. 

They remain positive about the future, anticipating potential bullish trends. Their confidence is bolstered by Cardano’s resilience amidst the recent market volatility, underlining a strong belief in its long-term potential.

Today’s market update reveals a downward trend in the value of Cardano, mirroring a general dip across the cryptocurrency sector. Cardano price is valued at $0.5111, marking a 2.93% decline in the last day. This decrease reflects the broader bearish sentiment dominating the market at this moment.

Cardano price prediction
Cardano price chart | Tradingview

With a market capitalization of $18 billion, this Altcoin maintains its position within the top ten cryptocurrencies. Over the past 24 hours, the trading volume has increased by 4%, reaching $319 million. This suggests that investor activity is still robust despite the current price challenges. ADA’s trading range in the past week has been relatively narrow, fluctuating between $0.58 and $0.51. Recently, bearish trends have led to breaking below key support levels.

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Whale Activity in Cardano Signals Potential Bullish Momentum

In the recent post by IntoTheBlock, a surge in activity among Cardano’s top-tier investors was spotlighted. The study emphasized that these prominent entities consistently engage in substantial trades, averaging around $13 billion in daily transactions. Each of these transactions notably surpasses the $100,000 mark.

Comparatively, IntoTheBlock’s report places Cardano’s transactional volume in stark contrast with Ethereum, the crypto market’s runner-up. Ethereum’s significant transactional activity maintains a 7-day average of nearly $5 billion, markedly less than Cardano’s daily volumes, highlighting the intense and affluent activity within the Cardano network.

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Technical Analysis of Cardano Reveals Contrasting Market Trends

The surge of whale activity could propel ADA towards a bullish trend. If the bulls regain control, the first target for the coin could be the resistance level of $0.65. A sustained bullish momentum might push the price of ADA to approach $1 in the near future. Conversely, if the bearish trend persists, ADA may test the support level at $0.5. A further drop to the $0.3 mark could be on the horizon in a more bearish scenario.

Cardano Price Prediction
Cardano price chart | Tradingview

The daily technical indicators present a mixed market outlook. The Moving Average Convergence Divergence (MACD) demonstrates a bearish trend, with its MACD line and signal line trending below zero. Simultaneously, the Chaikin Money Flow (CMF) indicator resides in negative territory, marked at $-0.08, reinforcing the bearish sentiment. However, several oscillators show a neutral position, hinting at the possibility of a bullish breakout in the near term.

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.