2024-5-21 00:01 |
Significant moves by major investors often signal upcoming shifts in the crypto market. Recently, Cardano (ADA) has caught the attention of these large-scale investors, commonly known as “whales.” This renewed interest could trigger a substantial comeback for the 10th biggest cryptocurrency.
Cardano Whales Increase HoldingsData from IntoTheBlock shows a significant trend: Cardano whales, holding more than 100 million ADA tokens, increased their holdings by 11% last month. They now control almost 7% of Cardano’s entire supply. This accumulation is typically considered bullish, indicating that these influential investors are adjusting their positions and buying more promising projects.
It’s not just the whales that are showing confidence in Cardano. Retail investors are also involved in the bullish momentum. More data from IntoTheBlock highlights ADA’s positive bid-ask volume imbalance, indicating that buying pressure exceeds selling pressure. Additionally, the ‘In The Money’ metric, which measures the profitability of current holders, has flipped positively.
Growing Confidence in Cardano’s EcosystemBeyond investor sentiment, the overall confidence in the Cardano ecosystem is rising. According to DeFiLlama, the Total Value Locked (TVL) on Cardano increased by more than 5% in the last week. TVL is a critical metric in the DeFi space, reflecting the total value of assets staked or locked in the network’s smart contracts.
Moreover, Cardano’s trading volume has significantly risen. Higher trading volumes generally suggest greater market activity and interest, which may raise prices.
Analysts Predict a Bullish Future for CardanoSeveral prominent crypto analysts are forecasting a substantial rally for Cardano. An analyst known as World of Charts has noted that ADA’s breakout is confirmed, and the token is moving accordingly. The analyst expects Cardano to reach $1 in the next few weeks.
Similarly, another analyst, Trend Rider, has identified a bullish pattern for Cardano. They noted a jump in ADA’s price following a bullish signal on the daily chart and expect ADA to hold above the $0.5 level in the short term.
Dan Gambardello, founder of Crypto Capital Venture, also shared his opinion on Cardano’s price movements. He pointed out that ADA is exceeding its 20-day moving average (MA). Gambardello mentioned the formation of a golden cross on Cardano’s daily chart – where the 50-day MA crosses above the 200-day MA.
The resurgence of whale activity, strong retail investor interest, and growing confidence in Cardano’s ecosystem paint a promising picture for ADA. The combination of these factors and bullish predictions from several analysts indicate that Cardano could be on the verge of a significant comeback.
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