Cardano Price Analysis: Potential 10% Growth and Massive Whale Influx

Cardano (ADA)is currently trading at $0.40, making headlines with a potential 10% rally and a staggering 1218% increase in whale inflows. So this article dives into the technical analysis and whale activity signaling a significant move for Price of ADA.

TradingView - ADA Performance

1- Cardano Price Analysis: Testing Key Resistance Levels

Cardano price is retesting its descending trendline that has been in play since late March. A break above this trendline could signal a bullish move, potentially leading to a 10% rally to retest the $0.426 resistance level. The bullish momentum is further supported by a divergence in the relative strength index (RSI) and the Awesome Oscillator (AO).

Cardano Technical Analysis Signals Bullish Potential

The formation of a lower low on the daily chart on July 5 contrasts with a higher high in the RSI, a phenomenon known as bullish divergence. This often leads to a trend reversal or short-term rally. If ADA closes above $0.426, it could further extend the rally by an additional 31% to $0.564, retracing 50% of its previous price range between $0.318 and $0.810.

By TradingView - ADAUSD_2024-07-11 (ALL)

However, a daily candle close below $0.317 could negate this optimistic outlook, leading to a potential 10% drop to $0.283.

2- Massive influx of whales: What is causing this surge?

Cardano is experiencing an extraordinary surge in whale inflows, recording a 1,218% increase. According to IntoTheBlock data, inflows from large holders have increased sharply from 14.51 million ADA on July 8 to 110.7 million ADA on July 9. This surge follows a period of declining inflows that began on July 5.

Impact of Whale Influx on Cardano Price

An influx of whales often indicates significant buying activity, as large addresses typically buy from centralized exchanges and move to cold storage. This behavior can signal price bottoms, as these addresses prefer to buy en masse after a significant price drop. Recent whale activity may be a harbinger of a bullish move in ADA price.

Despite recent market volatility, the ADA price has shown stability, rising 5.26% in the last 24 hours to $0.40. However, it is important to note that whale transfers can also include funds moved for business purposes.

3- Cardano’s Path to Chang’s Upgrade

Cardano is moving towards the long-awaited Chang upgrade with the release of Cardano Node 9.0.0. This upgrade will introduce phased governance functionality to facilitate adoption and onboarding for new governance roles. The upgrade is divided into two phases, promising a structured and gradual rollout.

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