Following the approval of the spot Bitcoin Exchange Traded Fund (ETF) in the United States, the cryptocurrency market is struggling to gain momentum. Amidst this, on-chain analytics firm IntoTheBlock posted on X (previously Twitter) for Cardano (ADA), stating that whales are viewing the current market scenario as an opportunity and are continuously accumulating.
Massive whale activity in Cardano (ADA)
In its recent post, IntoTheBlock highlights that Cardano whales have been quite active for the past few months. Besides, the firm also cites data that these Cardano whales are settling around $13 billion in large transactions (over $100,000) on Cardano every day on average.
Looking at these significant transactions by Cardano whales, IntoTheBlock states that this is quite significant and compares it with the world’s second-largest cryptocurrency Ethereum (ETH), which has a 7-day average of around $5 billion in such transactions.
To confirm all these actions by crypto whales in Cardano, it is evident that since October 20, 2023, to till now, we have experienced a significant over 90% price surge in Cardano (ADA), from $0.27 to $0.51. Additionally, if we look at Ethereum for the same period, it was observed that Ethereum surged only 44%, from $1,750 to the price level of $2,520.
Cardano technical analysis and its price momentum
Currently, Cardano (ADA) is trading near $0.51, and in the last 24 hours, it experienced over 3% of downside momentum. If we look at it for a longer period, in the last 30 trading days, Cardano (ADA) experienced over 6% downside momentum. This current market situation also led to a 15% decrease in the 24-hour volume. With this, the current market capitalization of ADA is near $18.3 billion.
According to expert technical analysis, currently, Cardano is on a weekly time frame, taking support from a strong demand zone, which is at $0.45. This is the same level where the 200 EMA (Exponential Moving Average) on a weekly time frame is supporting Cardano. Additionally, Cardano (ADA) on a weekly time frame is poised to give a golden crossover, which is a bullish sign for any asset.
In the future, we may see a significant price surge once this golden crossover successfully happens in Cardano. Currently, Cardano is bullish and is undergoing a small price correction after a significant price surge.
