2022-10-28 12:19 |
Cardano (ADA) price witnessed record gains appreciating by almost 20% in 7-days as Cardano whales finally rejoiced.
With Cardano holders eyeing big gains as ADA price made a recovery above the key $0.375 level, there were still some roadblocks that the altcoin faced.
ADA Price: Quick Gains, Quicker LossesCardano price was down 87.52% from its $3.10 all-time high price made in September 2021. The recent 20% weekly gains managed to reverse the 10-day losses that brought ADA price down to $0.330.
Over the last couple of days, Cardano ranked the 2nd in terms of money flows, with $2.3 billion flowing into its market cap, equalling almost 16% growth.
Source: Cardano DailyApart from Cardano, other layer-1 blockchains that saw growth were Ethereum Classic and Avalanche, with 14% and 13.4% gains in money flows, respectively.
Even though Cardano market cap saw a dramatic rise owing to bullish price action, the losses that followed were notable too. At press time, ADA price saw a 5.73% pullback, the highest among all the other top 10 cryptos by market cap.
Seemingly, ADA quick gains were followed by quicker losses as the market started to turn red with the weekend approaching.
How Far Can Cardano Whales Take ADA Price?ADA price gains placed the 8th-ranked coin high on investors’ list but only briefly. On Oct. 27, data from LunarCrush showed that in terms of relative combined social activity and market activity, Cardano hit an AlternativeRank of 1 out of the top 3,954 coins across the market.
Source: LunarCrushApart from high social sentiment, support from whales with 10,000 to 1 million coins (%) aided Cardano bullish price action on Oct. 26. The said cohort stacked up on ADA, as Cardano whale addresses saw growth from Oct. 25 to Oct. 27.
Still, with price action weakening, their holdings seemed to dwindle too.
ADA Supply Distribution | Source: SantimentSmaller fish with 1000 to 10,000 coins % increased their holdings from 4.96% to over 5% in the last month.
On Oct. 26, the whale transaction count presented a healthy uptick signifying whales attempting to push ADA prices amid bullish market momentum. However, the percentage of stablecoin total supply held by whales with over $5 million saw no rise.
Cardano MVRV | Source: SanbaseFurthermore, ADA MVRV z-score was still trending negative, presenting how the coin was still undervalued. MVRV gives an insight into the aggregate investor behaviors as price moves to/from their cost basis.
ADA 7-day MVRV ratio spiked to the highest levels seen in a year, however, it saw a quick pullback to the negative territory.
For now, on-chain metrics for ADA presented that there was more pain for the Cardano holders and whales ahead. Before Cardano whales target the $1 mark, the $0.50 and $0.70 resistance levels are the key to ADA price. As technicals for ADA pivot towards bearish, ADA price could revisit the $0.375 support.
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