Accumulation by Cardano Whales Signals Upcoming Price Surge
The cryptocurrency markets are gaining momentum, and Cardano (ADA) is experiencing a significant upswing towards a key milestone. The $0.75 level, crucial yet challenging, has consistently repelled ADA’s...

The cryptocurrency markets are gaining momentum, and Cardano (ADA) is experiencing a significant upswing towards a key milestone. The $0.75 level, crucial yet challenging, has consistently repelled ADA’s attempts to surpass it. Now, after enduring multiple rejections, this level has transformed into a robust support base, enabling a healthy ascent.
Optimism Fuels Market Sentiment
In anticipation of the next price movement, optimism has been adopted by both whales and retail traders. A rise in holdings by the top 100 addresses and a sharp increase in the supply by the top 1% of addresses have been observed since late February, indicating substantial whale accumulation.
A 2.25% increase in ADA tokens, amounting to approximately 60 million, signals that whales are anticipating significant bullish opportunities. A noticeable uptick in unique addresses has been recorded, signaling a shift in interest towards the asset by traders and whales, likely to profoundly affect its long-term price trajectory.
Related article: Cardano (ADA) Price Nears $10: Analyst Forecasts 2000% Surge Based on Historical Trend
March 2024: A Crucial Month for ADA’s Price Trajectory
Since March began, ADA price has consolidated tightly around $0.75, signaling strength for a potential bullish breakout above $0.8. Despite immediate challenges, a persistently bullish pattern suggests the milestone of $1 could be reached within the month.
The weekly chart analysis for ADA suggests it’s nearing the $1 mark by surpassing a critical $0.98 resistance. Bullish trends and Bollinger bands expansion hint at an extension to the $1.187 to $1.24 zone, suggesting a strong upward trend with little bearish resistance.
Related article: Cardano Founder Sparks Debate: Alt-Season Hinges on This
Moreover, an indication of strengthening bullish momentum is given by the RSI remaining in a bullish zone.
A significant potential for Cardano (ADA) to reach the $1 mark within March is indicated, with whale accumulation and rising retail trader optimism suggesting a likely breach of the $1 milestone soon, potentially driving robust upward movement.
Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!