{"id":32098,"date":"2023-11-08T12:52:34","date_gmt":"2023-11-08T16:52:34","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=32098"},"modified":"2023-11-08T12:52:34","modified_gmt":"2023-11-08T16:52:34","slug":"cardano-whales-go-on-600-million-buying-spree-that-could-trigger-run-to-0-4","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/08\/cardano-whales-go-on-600-million-buying-spree-that-could-trigger-run-to-0-4\/","title":{"rendered":"Cardano Whales Go On $600 Million Buying Spree That Could Trigger Run To $0.4"},"content":{"rendered":"

Cardano (ADA)<\/a> is one of the tokens currently in the limelight as many projects do well in the \u2018Atcoin Season\u2019 as Bitcoin\u2019s dominance cools off<\/a>. The token has rallied in recent days, and one of the reasons for this resurgence has been revealed.\u00a0<\/p>\n

Cardano Whales Are Accumulating\u00a0\u00a0\u00a0<\/h2>\n

In a post<\/a> on their X (formerly Twitter) platform, blockchain analytics platform IntoTheBlock noted that investors\u2019 confidence in the Cardano token grew in October as ADA whales and investors accumulated 1.89 billion ADA<\/a> during that period. This translates to over $600 million invested in ADA tokens<\/a>.\u00a0<\/p>\n

Interestingly, the decision by these big holders<\/a> already seems to be paying off as the majority of this accumulation is said to have taken place between the price range of $0.249 and $0.271. These big holders<\/a> could be accumulating for the long term rather than moving to realize their profits as soon as possible, and these could sustain a price rally to $0.4.<\/p>\n

Back in August, the market intelligence platform Santiment highlighted the fact Cardano was seeing its highest level in accumulation<\/a> dating back to September 2022, as \u201cwhales and sharks\u201d who were holding between 100,000 and 10 million ADA tokens had accumulated $116.1 million in ADA since May 21st.<\/p>\n

However, the sentiment toward Cardano seemed to turn bearish in September, as data<\/a> from Santiment revealed that these Cardano whales had sold or redistributed about 1.02 billion ADA during a certain period in the month.\u00a0<\/p>\n

Can ADA Hit $0.4?<\/h2>\n

It remains to be seen whether this accumulation phase could trigger a run to $0.40. There is, however, no doubt that these whales dumping their tokens in a bid to realize profits would significantly affect Cardano\u2019s resurgence<\/a>.\u00a0<\/p>\n

Dan Gambardello, the founder of Crypto Capital Venture, had mentioned<\/a> while providing a technical analysis that Cardano\u2019s current run could see it peak at $0.40 while almost ruling out the possibility of the token hitting the $0.45 price target <\/a>before a retracement happens.<\/p>\n

Speaking of a possible retracement, Gambardello stated that ADA could drop<\/a> to around $0.29 and $0.30 based on the moving average structure.\u00a0<\/p>\n

Another crypto analyst, Ali Martinez<\/a>, also echoed this prediction as he mentioned in an X post<\/a> that the TD Sequential presents a sell signal on the ADA daily chart with a possible correction to the $0.30 support level.\u00a0<\/p>\n

At the time of writing, ADA is trading at around $0.35, up by over 1%, according to data<\/a> from CoinMarketCap.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Cardano (ADA)<\/a> is one of the tokens currently in the limelight as many projects do well in the \u2018Atcoin Season\u2019 as Bitcoin\u2019s dominance cools off<\/a>. The token has rallied in recent days, and one of the reasons for this resurgence has been revealed.\u00a0<\/p>\n

Cardano Whales Are Accumulating\u00a0\u00a0\u00a0<\/h2>\n

In a post<\/a> on their X (formerly Twitter) platform, blockchain analytics platform IntoTheBlock noted that investors\u2019 confidence in the Cardano token grew in October as ADA whales and investors accumulated 1.89 billion ADA<\/a> during that period. This translates to over $600 million invested in ADA tokens<\/a>.\u00a0<\/p>\n

Interestingly, the decision by these big holders<\/a> already seems to be paying off as the majority of this accumulation is said to have taken place between the price range of $0.249 and $0.271. These big holders<\/a> could be accumulating for the long term rather than moving to realize their profits as soon as possible, and these could sustain a price rally to $0.4.<\/p>\n

Back in August, the market intelligence platform Santiment highlighted the fact Cardano was seeing its highest level in accumulation<\/a> dating back to September 2022, as \u201cwhales and sharks\u201d who were holding between 100,000 and 10 million ADA tokens had accumulated $116.1 million in ADA since May 21st.<\/p>\n

However, the sentiment toward Cardano seemed to turn bearish in September, as data<\/a> from Santiment revealed that these Cardano whales had sold or redistributed about 1.02 billion ADA during a certain period in the month.\u00a0<\/p>\n

Can ADA Hit $0.4?<\/h2>\n

It remains to be seen whether this accumulation phase could trigger a run to $0.40. There is, however, no doubt that these whales dumping their tokens in a bid to realize profits would significantly affect Cardano\u2019s resurgence<\/a>.\u00a0<\/p>\n

Dan Gambardello, the founder of Crypto Capital Venture, had mentioned<\/a> while providing a technical analysis that Cardano\u2019s current run could see it peak at $0.40 while almost ruling out the possibility of the token hitting the $0.45 price target <\/a>before a retracement happens.<\/p>\n

Speaking of a possible retracement, Gambardello stated that ADA could drop<\/a> to around $0.29 and $0.30 based on the moving average structure.\u00a0<\/p>\n

Another crypto analyst, Ali Martinez<\/a>, also echoed this prediction as he mentioned in an X post<\/a> that the TD Sequential presents a sell signal on the ADA daily chart with a possible correction to the $0.30 support level.\u00a0<\/p>\n

At the time of writing, ADA is trading at around $0.35, up by over 1%, according to data<\/a> from CoinMarketCap.\u00a0<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-32098","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=32098"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32098\/revisions"}],"predecessor-version":[{"id":32115,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32098\/revisions\/32115"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32098"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}