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01/07/2025

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Cardano Whales Go On Buying Spree As Price Attempts Breakout

Cardano (ADA) started the year recovering the key $1 support zone, which has propelled its price to weekly highs. The bullish momentum has attracted whales, while some crypto analysts believe that ADA’s rally...

Cardano Whales Go On Buying Spree As Price Attempts Breakout
crypto, PEPE, POPCAT, Cardano

Cardano (ADA) started the year recovering the key $1 support zone, which has propelled its price to weekly highs. The bullish momentum has attracted whales, while some crypto analysts believe that ADA’s rally is around the corner.

Cardano Whales Fill Their Bags

In November, Cardano surged to the $1 mark for the first time in over two years, leading the crypto market after the post-election rally. However, the cryptocurrency faced one of its largest one-day retraces amid the December corrections, losing key support and dropping below $0.8.

Cardano whales took advantage of the end-of-year pullback, acquiring 160 million ADA at a discount. Despite large investors betting on ADA, some market watchers pointed out that market sentiment surrounding the cryptocurrency had turned bearish.

However, ADA has experienced the New Year rally, increasing 27% in the past week, fueled by the market’s recovery and Bitcoin’s jump to the $100,000 mark. Cardano surged from its $0.84-$0.90 price range as the new year started, reclaiming the $1 mark by January 3.

Since then, the cryptocurrency has moved within the $1.05-$1.11 range, recovering its levels before the December corrections.

Crypto analyst Ali Martinez noted that Cardano whales have been loading their bag again, with over 10 million ADA in the last 24 hours, potentially signaling strong sentiment from large-scale investors on the cryptocurrency. Similarly, whales bought over 40 million ADA in 48 hours as Cardano’s price surged past $1.

ADA Attempts Breakout

As Bitcoin (BTC) held above $100,000 again, ADA’s price attempted to break from a short-term bullish pattern. According to Cardano trader Sebastian, the cryptocurrency tried breaking out of a bullish pennant after hitting the $1.15 resistance level on Tuesday morning.

Moreover, Sebastian noted that ADA was “trying to flip a very important resistance area into support on the ADA/BTC chart.” Per the chart, this horizontal level was a key resistance level that led to the early 2024 highs after being turned into support. “A breakout to the upside from here could really send ADA to the bull market doors,” the investor noted.

Crypto analyst Dan Gambardello, founder of Crypto Capital Venture, shared a bullish outlook for Cardano’s future price action after Grayscale added the cryptocurrency to its Digital Large Cap Fund (GDLC).

As reported by NewsBTC, Grayscale liquidated all its ADA holdings from GDLC in April, which accounted for 1.62% of the fund’s portfolio. This move saw Cardano’s price drop by 12% and received heavy criticism for its “lacking” performance.  After yesterday’s news, Gambardello claimed that “the ADA wave is coming.”

Nonetheless, Cardano’s rally has been momentarily halted as BTC’s latest price drop dragged ADA and the rest of the market down. Bitcoin just saw a sharp 4% drop to the $97,000 support zone, sending ADA 8% down.

The cryptocurrency dipped from the $1.11 mark to the $1.02 range before recovering. Despite the drop, Cardano remains above the key support zone and above December correction levels, showing green numbers in most mid and long-term timeframes.

As of this writing, ADA is trading at $1.03, a 5.8% decrease in the last 24 hours.

Cardano, ADA, ADAUSDT
Cardano’s performance in the one-week chart. Source: ADAUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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