Yesterday, Ali (@ali_charts), a prominent crypto trader, took to Twitter to reveal that Cardano (ADA) whales have been indulging in a shopping spree of epic proportions. As per the tweet, these whales have acquired a staggering 560 million ADA tokens in just two weeks, amounting to $218.4 million in total expenditure. This news has sent ripples through the crypto community, sparking discussions about the potential implications of such a significant move.
According to the latest update from CoinMarketCap, ADA’s value has experienced a slight dip of 0.11% over the past 24 hours. Nevertheless, the good news is that the weekly performance of this Ethereum competitor is still positive, with a growth rate of +0.88%. As of now, the current market price of this altcoin is $0.3883.
In the past 24 hours, ADA has experienced a slight decline of 0.96% and 0.55% against the top dogs of the crypto market, Bitcoin (BTC) and Ethereum (ETH), respectively.
The value of ADA is situated within an upward-trending price channel, as observed in recent weeks. Throughout this period, the altcoin has consistently achieved higher highs and higher lows, culminating in a peak of $0.4093 on 31 March, following a low of $0.3013 on 11 March. While the price has since retraced, it remains within the established channel.
As of the latest update, the 9-day EMA line provides a solid foundation for ADA’s price. If the cryptocurrency maintains its position above the 9-day EMA level, there is a strong possibility of a price surge within 24-48 hours. This development is worth watching closely for investors and traders alike.
If the value of the altcoin experiences a decline below the established threshold, it will likely plummet to the closest support level at $0.3728. Furthermore, a deviation from the current upward price trend could lead to a significant drop in ADA’s value, with projections indicating a dip to as low as $0.3516 within the next seven days.
Should ADA’s price remain within the optimistic price channel over the next 24-48 hours, it will probably progress towards the subsequent resistance level, hovering around $0.4214, in the upcoming week.
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.
