Cardano Price Prediction as Whale Activity Rises to $13 Billion; Will the ADA recover?

Cardano Price Prediction: ADA recorded a promising recovery on January 8, suggesting a potential reversal of its recent downtrend. However, this initial gain failed to sustain itself and the asset did not achieve a significant breakout. Since reaching its yearly high on December 14, 2023, Cardano has been trapped in a corrective pattern.

This trend continued with a failed attempt to break this barrier on January 11, 2024, leading to further decline. The past month has seen an increasing dominance of bearish momentum, overshadowing brief periods of recovery.

Despite these short-term setbacks, Cardano’s performance over the past year has been encouraging with bullish momentum. The asset witnessed a substantial increase of over 50% compared to the previous year. This remarkable growth has fostered a sense of optimism among investors and market analysts.

They remain positive about the future, anticipating potential bullish trends. Their confidence is bolstered by Cardano’s resilience amid recent market volatility, underscoring strong confidence in its long-term potential.

Today’s market update reveals a downward trend in Cardano’s value, mirroring an overall decline in the cryptocurrency sector. Cardano price it is valued at $0.5111, marking a decline of 2.93% over the past day. This decrease reflects the broader bearish sentiment dominating the market at the moment.

Cardano Price Chart | Tradingview

With a market capitalization of $18 billion, this Altcoin maintains its position in the top ten cryptocurrencies. Over the past 24 hours, trading volume increased by 4% to $319 million. This suggests that investor activity is still robust despite the current pricing challenges. ADA Last week’s trading range was relatively narrow, fluctuating between $0.58 and $0.51. Recently, bearish trends have led to it breaking below key support levels.

Whale activity in Cardano signals potential bullish momentum

In IntoTheBlock’s recent post, an increase in activity among high-level Cardano investors was highlighted. The study highlighted that these prominent entities consistently engage in substantial transactions, averaging approximately $13 billion in daily transactions. Each of these transactions significantly exceeds the $100,000 threshold.

Cardano whales have been quite active in recent months. On average, $13 billion in large transactions (>$100,000) are settled on Cardano every day. A significant amount, when compared to Ethereum’s 7-day average of $5 billion. pic.twitter.com/8rjeQZaonU

— IntoTheBlock (@intotheblock) January 18, 2024

In comparison, IntoTheBlock’s report places Cardano’s transaction volume in stark contrast to Ethereum, the second-ranked cryptocurrency market. Ethereum’s significant transactional activity maintains a 7-day average of nearly $5 billion, significantly lower than Cardano’s daily volumes, highlighting the intense and rich activity within the Cardano network.

Cardano technical analysis reveals mixed market trends

Increased whale activity could push ADA into a bullish trend. If the bulls regain control, the first target for the coin could be the $0.65 resistance level. Sustained bullish momentum could push the ADA price approaching $1 in the near future. On the contrary, if the bearish trend persists, ADA it could test the support level at $0.5. A further decline to the $0.3 mark could be on the horizon in a more bearish scenario.

Cardano Price Chart | Tradingview

Daily technical indicators present a mixed market outlook. The Moving Average Convergence Divergence (MACD) demonstrates a bearish trend, with its MACD line and signal line trending below zero. At the same time, the Chaikin Money Flow (CMF) indicator is in negative territory, marked at -$0.08, reinforcing the bearish sentiment. However, several oscillators are showing a neutral stance, suggesting the possibility of a bullish breakout in the near term.

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