Cardano (ADA) Continues to Rally as Whale Transactions Surge

Cardano (ADA), a smart contracts token competing with Ethereum, is poised for another promising week after weeks of sustained gains. Since its October lows of $0.24, ADA has gained 36% and is currently trading at $0.351 with a market cap of $12.4 million and a 24-hour trading volume of $328 million.

Whale Transaction Count Surpasses $1 Million

Whale transactions, with a dollar value exceeding $1 million, have seen a recent spike in counts, surpassing 6700. In a downtrend, such spikes are considered bullish. However, with ADA’s price rally since October, whales may be moving ADA while betting on higher prices reaching $1. Historical data shows that these spikes often coincide with local tops before a correction in the trend.

Transaction Volume on the Rise

The transaction volume of Cardano has been increasing alongside the whale transaction count and ADA’s price. Over the last three months, the transaction volume has climbed from approximately 237 million to about 332 million. This suggests that investors are moving tokens on-chain, positioning themselves for a larger rally in Cardano’s price.

Cardano Price Prediction: Climbing to $1?

Cardano is currently trading at $0.351 and has broken above resistance at $0.35, which could now act as support. The Moving Average Convergence Divergence (MACD) indicator supports the bullish thesis for ADA, indicating that the uptrend may close the week near $0.5 and end the month above $1.

An incoming bullish cross is anticipated when the short-term moving average (50-day EMA) flips above the long-term moving average (100-day EMA). This would indicate an upward trend for Cardano and a higher chance of maintaining the uptrend rather than pulling back. Traders should be prepared for any outcome and closely monitor key milestones achieved by Cardano.

Hot Take: ADA’s Potential Breakout

Cardano’s recent rally, along with increasing whale transactions and transaction volume, suggests a positive outlook for ADA. While a pullback could attract more buyers seeking exposure to Cardano, sustaining support above $0.35 is crucial to avoid potential losses. Traders should conduct thorough market research before investing in cryptocurrencies.

Disclaimer: The content presented is based on the author’s personal opinion and is subject to market conditions. Conduct your own research before investing in cryptocurrencies. The author and publication are not responsible for any financial losses.