Cardano Whales Go On $600 Million Buying Spree That Could Trigger Run To $0.4
November 08 2023 - 6:00AM
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Cardano (ADA) is one of the tokens currently in the limelight as
many projects do well in the ‘Atcoin Season’ as Bitcoin’s dominance
cools off. The token has rallied in recent days, and one of the
reasons for this resurgence has been revealed. Cardano Whales
Are Accumulating In a post on their X (formerly
Twitter) platform, blockchain analytics platform IntoTheBlock noted
that investors’ confidence in the Cardano token grew in October as
ADA whales and investors accumulated 1.89 billion ADA during that
period. This translates to over $600 million invested in ADA
tokens. Related Reading: XRP News: Ripple CEO Teases Major
Announcements At Swell Event Interestingly, the decision by these
big holders already seems to be paying off as the majority of this
accumulation is said to have taken place between the price range of
$0.249 and $0.271. These big holders could be accumulating for the
long term rather than moving to realize their profits as soon as
possible, and these could sustain a price rally to $0.4. Back in
August, the market intelligence platform Santiment highlighted the
fact Cardano was seeing its highest level in accumulation dating
back to September 2022, as “whales and sharks” who were holding
between 100,000 and 10 million ADA tokens had accumulated $116.1
million in ADA since May 21st. However, the sentiment toward
Cardano seemed to turn bearish in September, as data from Santiment
revealed that these Cardano whales had sold or redistributed about
1.02 billion ADA during a certain period in the month. Can
ADA Hit $0.4? It remains to be seen whether this accumulation phase
could trigger a run to $0.40. There is, however, no doubt that
these whales dumping their tokens in a bid to realize profits would
significantly affect Cardano’s resurgence. Dan Gambardello,
the founder of Crypto Capital Venture, had mentioned while
providing a technical analysis that Cardano’s current run could see
it peak at $0.40 while almost ruling out the possibility of the
token hitting the $0.45 price target before a retracement happens.
Related Reading: Dogecoin Climbs Above $0.075 To 3-Month High, But
Metrics Show It’s Far From Done Speaking of a possible retracement,
Gambardello stated that ADA could drop to around $0.29 and $0.30
based on the moving average structure. Another crypto
analyst, Ali Martinez, also echoed this prediction as he mentioned
in an X post that the TD Sequential presents a sell signal on the
ADA daily chart with a possible correction to the $0.30 support
level. At the time of writing, ADA is trading at around
$0.35, up by over 1%, according to data from CoinMarketCap.
ADA price sitting above $0.35 | Source: ADAUSD on Tradingview.com
Featured image from Bolsamania, chart from Tradingview.com
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