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Cardano (ADA) at Crossroads: Whale Activity Hints at Price Shift

Jordan Avery by Jordan Avery
April 30, 2024
in News
Reading Time: 2 mins read
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Amidst the broader market sell-off, Cardano’s native cryptocurrency ADA has also been encountering robust selling pressure, correcting over 11% on the weekly chart. As of press time, the Cardano (ADA) price is trading 0.36% lower at a price of $0.4536 and a market cap of $16.16 billion.

Cardano Whale Transactions Surge

According to recent discoveries by on-chain data provider Santiment, transactions involving substantial sums of Cardano (ADA) tokens, surpassing $100,000 in value, have spiked to their highest level since November 8th.

CARDANO-WHALES-ADA
Santiment

This noteworthy surge in Cardano whale activity has historically coincided with instances of potential price reversals in ADA’s market trajectory. Notably, the market capitalization of ADA has undergone a significant decline, dropping by 43% since March 13th, indicating a period of considerable volatility and market adjustments for the cryptocurrency.

ADA Price Forcast

Last week, the Cardano (ADA) price lost its major support at $0.50 levels sliding all the way to $0.45, which is the crucial support zone for the altcoin. Should ADA’s price encounter a decisive decline below its current level, it could potentially trigger additional bearish momentum, with the next significant support anticipated at $0.42.

cardano-ada
coinmarketcap

On the other hand, ADA’s immediate resistance is identified at $0.4920, followed by the psychological barrier of $0.500. A definitive breakthrough above this level might ignite a rally, potentially propelling ADA towards $0.5250, and even up to $0.5650 in the event of prevailing bullish sentiment. Despite the broader market’s bearish trend, ADA hasn’t been immune, undergoing a decline in global market cap, reflecting its subdued Year-to-Date (YTD) performance with a -23.69% contraction. Santiment’s data indicates a slight decrease in active ADA wallets over the past three months, contrasting with signs of market recovery. This anomaly may imply either an undervaluation of ADA or a decline in interest among investors and users.

octoblock-octo-usdc-presaleData sourced from Santiment reveals a minor decrease of 0.13% in the total number of active Cardano (ADA) wallets over the past three months. This trend distinguishes ADA as one of the few networks witnessing a reduction in wallet activity during this timeframe.

Tags: ADA price correctionADA supportCardano ADAMarket Analysisprice forecastresistance levelsWhale Transactions
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