Cardano (ADA) It is one of the tokens that is currently in the spotlight, with many projects achieving good results during the ‘Atcoin season’. Bitcoin’s dominance is cooling off. The token has been rallying in recent days, and one of the reasons for this resurgence has been revealed.
Cardano whales are accumulating
in post IntoTheBlock, a blockchain analytics platform on the Cumulative 1.89 billion ADA During that period. This represents an investment of more than $600 million. ADA token.
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Interestingly, their decision big holder It appears that this accumulation is already paying off, as most of it is said to have occurred between the price range of $0.249 and $0.271. these big holder Rather than moving to realize profits as quickly as possible, they may accumulate for the long term, which could push the price up to $0.4.
Last August, market intelligence platform Santiment reported that Cardano Cumulative highest level This dates back to September 2022, as “whales and sharks” holding between 100,000 and 10 million ADA tokens have accumulated $116.1 million in ADA since May 21.
However, in September, sentiment towards Cardano appeared to turn bearish. data Santiment revealed that these Cardano whales sold or redistributed approximately 1.02 billion ADA during certain periods of the month.
Can ADA reach $0.4?
It is not yet known whether this accumulation stage can lead to a rise to $0.40. However, there is no doubt that these whales are dumping tokens to realize profits. Has a major impact on Cardano’s resurgence.
Dan Gambardello, founder of Crypto Capital Venture I mentioned it It provided technical analysis suggesting that Cardano’s current run could see it hit a high of $0.40, all but ruling out the possibility of the token reaching that price. $0.45 target price before a retracement occurs.
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Regarding a possible retracement, Gambardello said: ADA may fall Based on the moving average structure, they are around $0.29 and $0.30.
Another cryptocurrency analyst Ali MartinezHe also echoed this prediction, as he noted. X post TD Sequential presents a sell signal on the ADA daily chart with a possible correction around the $0.30 support level.
At the time of writing, ADA is reportedly trading at around $0.35, up more than 1%. data From CoinMarketCap.
ADA price sitting above $0.35 | Source: ADAUSD on Tradingview.com
Featured image from Bolsamania, chart from Tradingview.com