Cardano Whales Go On $600 Million Buying Spree That Could Trigger Run To $0.4

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	30,127,258,086	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

30,127,258,086

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0261	4.85%	0.5638	0.5635	0.5638

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0261

4.85%

0.5638

0.5635

0.5638

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.571	0.5326	0.538	0.5378	0.382490 - 0.852600

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.571

0.5326

0.538

0.5378

0.382490 - 0.852600

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	14:53:59	0.000817	0.5638	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

14:53:59

0.000817

0.5638

USD

Price x Volume	Volume	Base Symbol	Related Pairs
51,140,414.45	93,118,078.65	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

51,140,414.45

93,118,078.65

Cardano Whales Go On $600 Million Buying Spree That Could Trigger Run To $0.4

08/11/2023 12:00pm

NEWSBTC

Cardano (ADA) is one of the tokens currently in the limelight as many projects do well in the ‘Atcoin Season’ as Bitcoin’s dominance cools off. The token has rallied in recent days, and one of the reasons for this resurgence has been revealed. Cardano Whales Are Accumulating In a post on their X (formerly Twitter) platform, blockchain analytics platform IntoTheBlock noted that investors’ confidence in the Cardano token grew in October as ADA whales and investors accumulated 1.89 billion ADA during that period. This translates to over $600 million invested in ADA tokens. Related Reading: XRP News: Ripple CEO Teases Major Announcements At Swell Event Interestingly, the decision by these big holders 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 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. Back in August, the market intelligence platform Santiment highlighted the fact Cardano was seeing its highest level in accumulation dating back to September 2022, as “whales and sharks” who were holding between 100,000 and 10 million ADA tokens had accumulated $116.1 million in ADA since May 21st. However, the sentiment toward Cardano seemed to turn bearish in September, as data from Santiment revealed that these Cardano whales had sold or redistributed about 1.02 billion ADA during a certain period in the month. Can ADA Hit $0.4? 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’s resurgence. Dan Gambardello, the founder of Crypto Capital Venture, had mentioned while providing a technical analysis that Cardano’s current run could see it peak at $0.40 while almost ruling out the possibility of the token hitting the $0.45 price target before a retracement happens. Related Reading: Dogecoin Climbs Above $0.075 To 3-Month High, But Metrics Show It’s Far From Done Speaking of a possible retracement, Gambardello stated that ADA could drop to around $0.29 and $0.30 based on the moving average structure. Another crypto analyst, Ali Martinez, also echoed this prediction as he mentioned in an X post that the TD Sequential presents a sell signal on the ADA daily chart with a possible correction to the $0.30 support level. At the time of writing, ADA is trading at around $0.35, up by over 1%, according to data from CoinMarketCap. ADA price sitting above $0.35 | Source: ADAUSD on Tradingview.com Featured image from Bolsamania, chart from Tradingview.com

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