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In the midst of a busy market agenda, Cardano (ADA) has encountered resistance around $0.78 for the second consecutive time and failed to strengthen its upward momentum by surpassing the expected $0.80 level. Despite these setbacks, the attention of both Cardano whales and individual investors has shifted towards altcoins, fostering optimism for a continuous upward trend.
They Are Aggressively Accumulating ADA
As the cryptocurrency market regains momentum and shows strength, the price trajectory of Cardano’s ADA is being closely monitored, especially as it approaches the pivotal $0.75 mark. Despite initially facing significant resistance, these levels have now turned into strong support, laying the groundwork for a potential upward price movement.
Recent data indicates a notable increase in accumulation activity among whales, with the supply held by the top 100 wallet addresses significantly increasing since the end of February. Additionally, there has been a significant increase in the supply held by the top 1% of wallet addresses, signaling an increase in accumulation activities by large investors.
An approximate 60 million unit increase in ADA holdings in a single day, corresponding to a 2.25% increase, underscores the bullish sentiment among whales. At the same time, there has been an increase in unique wallet addresses, indicating increased participation by individual investors. The interest from both whales and individual investors signifies a significant shift in attention towards ADA and could potentially impact its price trajectory in the long term.
Price Analysis
Amid speculation about ADA’s price expectations, attention has turned to the possibility of reaching the $1 level by March 2024. While the Altcoin consolidates around the $0.75 range, weekly chart indicators suggest the potential for a breakout beyond the intermediate threshold of $0.80.
Technical analysis reveals the formation of an uptrend with key resistance levels at $0.98 and a main resistance zone between $1.187 and $1.24. The expansion of Bollinger Bands and the rise of the Relative Strength Index (RSI) support the idea that ADA is trending upwards towards the $1 level.
