Is It too Late to Buy ADA? Whale Accumulation Fuels Cardano Price Rally
Highlights:
- Cardano rose 6% to $0.9928, driven by whale activity and market confidence.
- Whales bought 130 million ADA during a dip, showing belief in its long-term growth.
- ADA nears resistance, with the market watching for continued whale support.
The Cardano price has surged 6% in the last 24 hours to trade at $0.9928 as of 5:30 a.m. EST on a 10% drop in trading volume to $2.7 billion. The market capitalization stands at $35 billion.
This jump in ADA price comes after Cardano’s blockchain saw extreme whale activity amid big investors taking advantage of a price slump. Crypto analyst Ali Martinez disclosed that whales added some 130 million ADA during the market slump, demonstrating a calculating approach to capitalize on lower prices.
#Cardano whales bought over 130 million $ADA during the recent price dip! pic.twitter.com/VHg93o3WP5
— Ali (@ali_charts) November 27, 2024
Aggressive accumulation underlines strong confidence in ADA’s potential recovery and long-term growth. This move underlines a belief in Cardano’s robust fundamentals and its promising future price trajectory.
Large holders timed their purchases strategically in front of the price rebound that restored market confidence and triggered a remarkable recovery. Now, with over $130 million worth of ADA in the hands of whales, the cryptocurrency’s value has climbed sharply, recording double-digit gains across the recent trading range.
With Cardano approaching key resistance levels, the crypto community is closely watching its performance. If whale activity keeps supporting the trend, this should continue pushing ADA upwards.
ADA Statistics
- ADA price: $0.9928
- Market Capitalization:$35 billion
- Trading volume: $2.7 billion
- Circulating supply:45 billion
- Total supply:45 billion
Cardano Price Poised for Potential Rally Within Bullish Channel
For the last 4-hour the ADA/USD has been trading within a bullish channel, currently priced at $0.9935. There has been more stability with gains showing an upward sentiment.
In addition, a glance at ADA shows some time spent recently within an oscillatory consolidation that was part of building upward price movements afterwards. The bullish channel also means the price is in a continuous uptrend, whereas its lower support is close to $0.9557, and the upper resistance approaches $1.33226.
The 50-period MA at $0.9557 lies below the price, hence dynamic support, while the 200-period MA at $0.5984 shows that the trend is strongly long. Currently, the price is well above both the 50-period and 200-period MA, which adds more potency to the uptrend.
ADA Price Prediction: Technicals Targeting $1.33
The MACD indicates a bullish bias in the price, with the MACD line above the signal line at 0.01128533/0.01056412, respectively, and the histogram indicating more buying pressure. That means momentum is strongly on the side of the bulls. The RSI is reading 52.92, suggesting neutrality, and there is further room for the price to rally before reaching overbought levels.
The parabolic curve means a steady increase in price, with slight acceleration, so Cardano’s price could continue to move higher if the bullish trend continues. A potential rebound in price could see ADA push to the upper resistance of the bullish channel, which is close to $1.33.
In case ADA is unable to sustain the present momentum and breaks the support at $0.9557, then a revisit to the lower levels might be expected. Cardano’s price is setting up for a potential breakout to higher levels, pending the continued building of buying pressure. Traders will look out for the consolidation pattern for a decisive move above the resistance as confirmation of a continued rally to $1.33.
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Charles Kibue
Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.
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