Cardano (ADA) is currently priced at $0.7045, showing a slight increase of 1.17%. Despite the positive daily movement, the coin’s value has dipped 0.47% over the past week. Trading volume in the last 24 hours surged to $770.38 million, marking a rise of 10.75%. This uptick in volume suggests active market participation but highlights mixed sentiment among traders.
Technical analysis reveals ADA is stuck within a descending channel. This bearish pattern features lower highs and lower lows, with price action constantly pushing against resistance from the 100-day moving average (100MA). The moving average has consistently acted as a barrier around the $0.50 mark, preventing any sustained upward movement. If ADA breaks through both the 100MA and the channel’s upper boundary, it may signal a shift toward a bullish trend.
Cardano whales bought 410 Million ADA in April
In April, Cardano experienced a dramatic increase in whale activity, as large holders accumulated over 410 million ADA. This amounted to about $282.9 million, fueling speculation about the future of ADA. Whales, or wallets holding between 100,000 to 100 million ADA, have shown confidence in the ecosystem, with many believing the recent accumulation indicates bullish sentiment moving forward.
The increased whale accumulation may also reduce the circulating supply of ADA, adding potential upward pressure on its price. As the broader crypto market stabilizes, these large-scale investments could pave the way for a breakout, especially if retail interest begins to mirror the activity of these major players. Analysts suggest this move aligns with long-term bullish expectations for Cardano.
Whales are watching Cardano closely
The whale activity is part of a strategic move, looking toward promising enhancements in Cardano’s roadmap. Those enhancements, aimed toward smart contracts, integrations with DeFi, and real-world use cases, may boost the appeal of Cardano among institutional investors and long-term holders. The further growth of the Cardano platform establishes the blockchain as one of the big players in the new crypto landscape.
Although whale actions tend to represent robust fundamentals, investors ought to be cautious. Retail traders need to research on their own and not follow whales alone. They should understand the general market context, and the pending releases in order to determine how to approach probable risks and rewards.
