How Whales are impacting ADA Prices

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Today’s trad­ing ses­sion is show­ing signs of Cardano’s price clos­ing the mar­ket with a net gain. This will mark the sec­ond con­sec­u­tive day that Car­dano prices are ris­ing in the markets. 

The sud­den rever­sal of for­tunes for Car­dano comes amidst increased inter­est from whales, who now hold 46.6 per cent of the cryp­tocur­ren­cy sup­ply. This is the largest share of the cryp­tocur­ren­cy that the whales have held in the last two years. This is accord­ing to San­ti­ment, an online behav­iour ana­lyt­ics platform.

Sur­pris­ing­ly, even with the increase of inter­est from whales, the cryp­tocur­ren­cy also record­ed a drop of over 26 per cent of its trad­ing vol­ume in the past 24 hours. This brought the total val­ue of trad­ed Car­dano assets to $1.014 bil­lion in 24 hours. 

Cardano Price Prediction

Today’s trad­ing ses­sion saw Car­dano prices gain­ing in the mar­kets. The surge in price is like­ly to mark the end of the cur­rent bear­ish move that start­ed on April 4th and has seen the cryp­to lose over 20 per cent of its value. 

The dai­ly chart below shows Car­dano trad­ing with­in sup­port and resis­tance lev­els of $0.78 and $1.24, respec­tive­ly. Recent­ly, the prices hit the resis­tant lev­el, and since then, the prices have been on a bear­ish trend. How­ev­er, since yes­ter­day, the prices have stopped aggres­sive­ly mov­ing down­wards towards the sup­port lev­el. Instead, a new bull­ish trend has formed, and today’s prices are a continuation. 

There­fore, my Car­dano price pre­dic­tion is there is a like­li­hood that the bull­ish trend we have seen in the last two days is a trend rever­sal. This will mean that Car­dano has exhaust­ed its bear­ish move towards the sup­port lev­el. I expect the prices to con­tin­ue with the upward trend.

There is also a high like­li­hood that the cur­rent bull­ish trend will see the prices rise to the pre­vi­ous resis­tance lev­els of $1.24. As out­lined above, the cur­rent bull­ish trend may also result from more whales buy­ing the cryp­tocur­ren­cy. If that is the case, then expect the prices of Car­dano to con­tin­ue rising.

Cardano Daily Chart



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