Should You Invest in Cardano (ADA) Like Whales?
Recent reports have shown that Cardano (ADA) whales have significantly increased their holdings, amassing over 120 million ADA tokens in just two days. This surge in accumulation has occurred amidst a relatively stable price range of $0.61 to $0.72, indicating a high level of confidence among these large investors.
The rising accumulation of ADA by whales has sparked speculation that institutional investors or wealthy individuals may be gearing up for a strategic move in the medium term. This theory is supported by a number of positive indicators in the market, including a notable increase in taker buy dominance, a positive 90-day CVD reflecting ongoing bullish pressure, a funding rate turning positive, and a rise in liquidations of short positions, suggesting upward momentum.
The current data reveals that Cardano’s price is approaching the upper boundary of a long-term wedge pattern, setting the stage for a potential bullish breakout driven by the recent accumulation, liquidations, and positive market momentum. Analysts predict that if Bitcoin maintains its trajectory and hits a new all-time high between $114,000 and $116,000 in the near future, ADA’s price could reach a target of $0.91, presenting a potential 30% increase in value. The narrowing daily Bollinger bands further support this anticipated surge, underscoring the whales’ strategic accumulation.
Moreover, ADA recently breached a significant support level at $0.64 on June 5th, adding further bullish confluence to the market. While the key resistance level of $0.75 poses a potential obstacle, a decisive breakthrough accompanied by significant trading volume could trigger a sharp upsurge in ADA’s price.
In conclusion, the accumulation of 120 million ADA tokens by whales, combined with optimistic market indicators like taker buy dominance and positive funding rates, suggests the beginning of a potentially sustained bullish trend for Cardano. It will be essential to closely monitor these developments to ascertain whether the current momentum will continue to drive ADA’s price upwards in the coming days.
For those interested in exploring opportunities in ADA, platforms like Bitget offer a convenient way to purchase the cryptocurrency. By creating an account, completing the necessary KYC verification, depositing funds, and executing buy orders on the exchange, investors can actively participate in the ADA market and potentially capitalize on the ongoing bullish trend.
In summary, the recent surge in ADA accumulation by whales has set the stage for significant market movements, hinting at a potential bullish breakout in the days ahead. As the cryptocurrency market continues to evolve, staying informed about key developments and strategic moves by major investors will be crucial for navigating the volatile landscape of digital assets.
