Cardano News: Whales Staked 160M ADA Amid Dip: Buying at Support

• Following a decline, Cardano whales purchased 160 million ADA, growing their holdings to 12.16 billion ADA in less than a week.
• With the RSI at 40.15, Cardano’s price has recovered from $0.91 to $1.1819, but it still faces bearish sentiment.
• During the recent accumulation trend, there were over 687 large Cardano transactions, each worth more than $1 Million.

Cardano (ADA) price has displayed a remarkable 188% spike since November. It has reached a multi-year high, however, was disturbed near the $1.30 mark. Subsequently, it dropped by 26% from its that high.

According to Cardano News, Cardano Whales have accumulated 160 million ADA and have grown their holding to 12.16 billion in less than a week. ADA price has tested the support level of $0.920 thrice in a month. The accumulation occurred when the price of Cardano fell to less than $1, which allowed big investors to buy.

Would Cardano Price Rebound From Demand Zone?

When writing, Cardano crypto was trading at $0.978 up by 0.93% over the past 24 hours. The market capitalization was $34.40 Billion and the 24-hour trading volume was $2.16 Billion. The price has been hovering near the psychological level of $1.

According to the technical chart, the $0.920 zone is the demand zone. The price witnessed rejection from this zone thrice. If buyers show interest, a short-term bullish rally can be anticipated. Once the price starts trading over the 20-day EMA, a decent bullish rally could be observed.

On the other hand, if the Cardano price slips below the major support level of $0.920, a selling opportunity could be generated. Moreover, losing this level could set off selling pressure.

Based on the technical indicators, MACD and Signal line are continuously falling but still in positive territory, indicating sellers’ grip. The histograms have flipped to red, indicating sellers’ grip.

Cardano Whales Accumulated ADA Amid Dip

Recently, Cardano whales have been active in the market, purchasing 160 million ADA when the price fell. In just one week, this acquisition has increased their total assets to 12.16 billion ADA.

Whales with ADA holdings ranging from 10 million to 100 million participated in this accumulation. Their purchases came after the price of ADA corrected, falling to $0.9100 on December 9. These holders were able to fortify their position as a result of the subsequent recovery and price stabilization.

Cardano Price Prediction Amid Whale Activity

The recent accumulation of 160 million ADA by Cardano whales amidst a price dip indicates a strategic move by large investors to capitalize on the current support level. This is despite a significant price recovery to around $0.978 and a notable increase of 188% since November. The ADA market still faces bearish sentiment and selling pressure, especially around the crucial $1.30 mark.

The $0.920 zone has proven to be a strong demand area, with multiple rejections suggesting potential for a short-term bullish rally if buying interest increases. However, a slip below this support level could signal heightened selling activity and market fear. Overall, the technical indicators suggest a cautious outlook, with a focus on buyers’ ability to maintain momentum above critical support levels.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.