Cardano Whales Acquire 130 Million ADA – Will $1.00 Breakout Happen Soon?
Whales have made a big splash in the Cardano (ADA) market by acquiring over 130 million tokens during a recent dip when prices fell to around $0.30. This move has not only reinforced crucial support levels for ADA but has also helped propel the price closer to the $1.00 mark. The increased whale activity has been a confidence booster for ADA holders, with 70% of them now in profit.
Crypto analyst Ali’s report highlighted the significance of this whale accumulation, indicating a positive outlook for ADA’s long-term growth. This kind of large-scale accumulation during market downturns typically signals a bullish trend for retail investors looking to ride the momentum of big buyers like whales.
The $0.30 support level, where whales picked up ADA, has now shown its strength by stabilizing prices above $0.35. The next key price levels to watch are around $0.36-$0.38 as immediate resistance, with the ultimate target being the psychological barrier at $1.00.
As of the latest data, ADA is trading at $0.9898, reflecting a 6.19% increase in the last 24 hours and an impressive 18.47% gain over the past week. The token’s market capitalization is around $35.39 billion, with a 24-hour trading volume of $3.11 billion. Recent price movements have seen ADA trading between $0.773 to $1.12, signaling robust demand and trading activity.
Technical indicators are also pointing towards bullish momentum for ADA. The token is currently holding above the 20-day Simple Moving Average (SMA) at $0.756, with Bollinger Bands widening and the Relative Strength Index (RSI) suggesting overbought conditions. Additionally, the Moving Average Convergence Divergence (MACD) indicator is showing a bullish crossover, confirming the upward momentum.
On-chain metrics further support positive market sentiment for ADA. Recent data shows a net outflow of $2.82 million from exchanges on November 27, signaling increased accumulation by investors moving tokens to private wallets. According to IntoTheBlock, 70% of ADA holders are currently in profit, with 71% of them holding the token for over a year, showcasing a strong long-term commitment.
With a high correlation to Bitcoin, ADA’s price movement closely follows broader market trends, indicating a potential for further upward trajectory. As ADA continues to show resilience and strength in the face of market fluctuations, investors are keeping a close eye on the $1.00 milestone as the next target for this popular cryptocurrency.
