ADA Whales have amassed 130 million tokens within a month

• Cardano (ADA) whales have acquired 130 million ADA worth $39 million.
• ADA aims to convert the $0.30 resistance level into a support level.
• ADA’s trading volume has declined by over 26% in 24 hours.

Prominent Cardano investors, often called ‘whales,’ have strategically amassed this particular altcoin. According to a recent tweet by renowned crypto analyst Ali Charts, these whales have acquired 130 million ADA in the past month alone. The tweet further highlighted that the total value of the accumulated ADA stands at approximately $39 million.

Prominent cryptocurrency commentator Dan Gambardello recently expressed his views on the potential Ethereum competitor via a Twitter post. In his commentary, Gambardello encouraged market participants to closely monitor the weekly chart of ADA, as he anticipates a significant price movement may be imminent for the alternative digital currency.

Technically, ADA is striving to convert the $0.30 resistance level into a support level. If successful, we could see ADA’s price rise to $0.3524 in the forthcoming week. Conversely, if it fails to secure a position above this critical price level within 48 hours, the altcoin could be vulnerable to retesting the significant support level at $0.2769.

Persistent selling pressure could push ADA’s price to $0.2506 in the forthcoming days. Technical analysis indicates a high probability of a bullish scenario unfolding in the upcoming week. Most significantly, the 9-day Exponential Moving Average (EMA) line appears poised for a bullish crossover above the 20-day EMA line.

Should the specified technical indicators intersect, ADA’s value will probably escalate towards the previously mentioned resistance of $0.3542. The bullish hypothesis will be validated once ADA records a daily candle closure above the 20-day EMA line, approximately $0.3011.

In the last 24 hours, ADA experienced a marginal price surge of 0.01%, trading at $0.2979 at the time of writing, as per CoinMarketCap data. Despite this minor uptick, ADA failed to outpace the market frontrunner, depreciating by 0.18% against Bitcoin (BTC).

In the last 24 hours, ADA’s trading volume has experienced a decline of over 26% compared to the previous day, bringing its intraday volume to approximately $235,786,376. Despite this, ADA has managed to maintain a positive trajectory over the past week, with a slight increase of 0.27%.