Cardano (ADA) Price Analysis: Whales and Traders Signal Bullish Outlook
The price of Cardano (ADA) started the week with a 5% increase after holders staked $30 million ADA coins. However, the bulls faced resistance in reclaiming the $0.30 territory. Despite this setback, two important on-chain indicators suggest potential relief in the near future.
Key Points:
- A group of Cardano whales holding 1 million to 10 million coins have been investing heavily, adding 240 million ADA coins to their balances in the past six weeks.
- Whales seem to be confident in Cardano’s regulatory battles and their actions could influence retail investors to join the bullish sentiment.
- Exchange Order Books data reveals that strategic traders are likely to mirror the whales’ buying trend, with active orders to buy 75 million ADA.
- Market demand for Cardano currently exceeds supply by over 30 million coins, indicating the potential for a price rally.
- The resistance at $0.28 could pose a challenge for ADA price, but if surpassed, it could lead to a prompt reclaiming of the $0.30 level.
Hot Take: The actions of Cardano whales and strategic traders suggest a bullish outlook for ADA price. If the whales’ confidence and the buying trend of strategic traders continue, it could lead to a price rally and a potential reclaiming of the $0.30 level. However, if the price drops below $0.25, it could invalidate the optimistic prediction and potentially result in further downside for ADA.
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