Cardano Whales Accumulate ADA, Stabilizing Price
Whales took advantage of the recent dip in Cardano (ADA) prices to accumulate more tokens, contributing to the stabilization of ADAโs price in the past week. This accumulation coincided with a decrease in short-term traders holding ADA, indicating a potential reduction in price volatility.
Whales Bought the Dip
- Between March 11 and March 20, the price of Cardano dropped from $0.71 to $0.57.
- The number of addresses holding over 10,000,000 ADA increased from 397 to 403, suggesting whales were accumulating during the dip.
Despite the pause in accumulation after hitting $0.57 on March 20, ADAโs price rebounded to $0.66 by March 25, potentially offering profits to whales who increased their stakes earlier. The halt in accumulation post-March 20 could indicate a strategic pause by whales awaiting market dynamics.
The Number of Traders Is Declining
- Traders holding ADA for less than a month saw a significant increase, from 244,000 on February 1 to 303,000 by March 18.
- However, starting March 19, the number of traders began to decrease steadily, reaching 299,000 by the end of March.
The reduction in short-term traders may lead to reduced price volatility for ADA, creating a more stable market environment with predictable price movements.
ADA Price Prediction: Will The Uptrend Continue?
- ADAโs price increased by 14.24% in the last six days.
- The price line is currently above all EMA lines on the 4-hour chart, indicating a bullish signal.
If the uptrend continues, ADAโs price could potentially surge to test and break the resistance at $0.82. However, if the Golden Cross signal is not sustainable, a downtrend could see ADAโs price retract to the $0.56 zone.
Hot Take: Stay Informed for Potential Price Movements
As whales continue to accumulate ADA and the number of short-term traders declines, the market dynamics for Cardano are shifting. Keep an eye on ADAโs price movements, especially with the upcoming potential Golden Cross signal. Stay informed and make strategic decisions to capitalize on the changing market conditions for Cardano.
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