This morning, Ali (@ali_charts), a seasoned crypto trader, took to Twitter to share his insights on Cardano (ADA). In his first tweet, Ali highlighted a significant sell wall of 3.85 billion ADA between $0.40 and $0.42. He further noted that breaking through this barrier could trigger a surge in ADA’s value, given the lack of resistance beyond this sell wall. As a professional trader, Ali’s observations provide valuable insights for crypto market investors.
Subsequently, the trader took to Twitter to share insightful on-chain data from IntoTheBlock, revealing that ADA whales, with holdings ranging from 1 million to 10 million ADA, have procured approximately 150 million ADA in the last month. This acquisition is estimated at approximately $57 million based on current market values.
It appears that whales are making a concerted effort to erode the sell wall referenced in Ali’s initial tweet, potentially sparking a surge in ADA’s value. Nevertheless, a significant barrier to selling must be surmounted before traders and investors can confidently take a bullish stance on ADA.
The ADA whales mentioned earlier could be responsible for constructing the substantial sell wall. These whales have infused a staggering $57 million into ADA over the past month, possibly to incite a FOMO response from traders and investors, ultimately leading them to collide with the sell wall.
As of the latest update, ADA’s current trading price stands at $0.3863, reflecting a slight dip of 0.45% over the past 24 hours, as reported by CoinMarketCap. However, it’s worth noting that despite this minor setback, ADA’s weekly price movement remains in the positive territory, boasting a commendable +10.63% increase.
Over the past 24 hours, ADA has demonstrated impressive resilience against two of the most prominent cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), with gains of 2.08% and 1.71%, respectively. This noteworthy performance is a testament to the strength and stability of ADA and reinforces its position as a formidable player in the crypto market.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
