Cardano Sees $30M Whale Support as Price Eyes $0.30 Next
The post Cardano Sees $30M Whale Support as Price Eyes $0.30 Next appeared on BitcoinEthereumNews.com. Cardano (ADA) price hit a 14-day peak of $0.27 on October 23, 2023, as the bullish crypto market momentum spreads toward mega-cap altcoins. On-chain data analysis examines how the bullish Cardano traders can remain in control for the long haul. Cardano price has conspicuously stagnated within the $0.24 – $0.29 narrow range since mid-August. Can the recent $30 million whale inflows propel ADA above the $0.30 psychological resistance? Confident Cardano Whales Have Made $30 Million Capital Inflows in Two Weeks On-chain data has revealed that the prolonged lack of activity among whale investors is a major driving factor behind Cardano’s price stagnation in recent months. But the whales (wallets holding 1 million to 1 billion ADA) have made noticeable capital inflows over the last two weeks, putting ADA price on the verge of a decisive breakout above $0.30. As illustrated below, the whales’ balances stayed flat between July 14 and October, as they consolidated their cumulative holdings between 20.25 billion ADA and 20.29 billion ADA. During that period, ADA prices hovered between $0.24 and $0.28. But since the start of October, the whales have acquired 110 million ADA coins, bringing their balances above the 20.35 billion mark for the first time since July 2023. Cardano (ADA) Whales Wallet Balances vs. Price | Source: Santiment The Whales Wallet Balances chart above tracks real-time changes in the number of coins large investors hold, otherwise called crypto whales. The 110 million ADA acquired in October is worth approximately $30 million at the current market price of $0.28. This implies that after 3 months in consolidation mode, the whales are now positioned for bullish price action. Considering how influential these crypto whales often are, if they keep buying, other strategic retail investors could begin to mirror their trades. Hence, ADA price has a fair…
The post Cardano Sees $30M Whale Support as Price Eyes $0.30 Next appeared on BitcoinEthereumNews.com.
Cardano (ADA) price hit a 14-day peak of $0.27 on October 23, 2023, as the bullish crypto market momentum spreads toward mega-cap altcoins. On-chain data analysis examines how the bullish Cardano traders can remain in control for the long haul. Cardano price has conspicuously stagnated within the $0.24 – $0.29 narrow range since mid-August. Can the recent $30 million whale inflows propel ADA above the $0.30 psychological resistance? Confident Cardano Whales Have Made $30 Million Capital Inflows in Two Weeks On-chain data has revealed that the prolonged lack of activity among whale investors is a major driving factor behind Cardano’s price stagnation in recent months. But the whales (wallets holding 1 million to 1 billion ADA) have made noticeable capital inflows over the last two weeks, putting ADA price on the verge of a decisive breakout above $0.30. As illustrated below, the whales’ balances stayed flat between July 14 and October, as they consolidated their cumulative holdings between 20.25 billion ADA and 20.29 billion ADA. During that period, ADA prices hovered between $0.24 and $0.28. But since the start of October, the whales have acquired 110 million ADA coins, bringing their balances above the 20.35 billion mark for the first time since July 2023. Cardano (ADA) Whales Wallet Balances vs. Price | Source: Santiment The Whales Wallet Balances chart above tracks real-time changes in the number of coins large investors hold, otherwise called crypto whales. The 110 million ADA acquired in October is worth approximately $30 million at the current market price of $0.28. This implies that after 3 months in consolidation mode, the whales are now positioned for bullish price action. Considering how influential these crypto whales often are, if they keep buying, other strategic retail investors could begin to mirror their trades. Hence, ADA price has a fair…
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