Logo
Cardano Ecosystem

Zycrypto

08/07/2022

·

21.4K views


Cardano Price Eyes 30% Rally As ADA Accumulation Accelerates Among Whales and Sharks

Most recently, an accumulation trend witnessed amongst ADA addresses puts the asset on a podium for a significant takeoff should it survive the days ahead.

Cardano Price Eyes 30% Rally As ADA Accumulation Accelerates Among Whales and Sharks

Cardano Price Eyes 30% Rally As ADA Accumulation Accelerates Among Whales and Sharks

Advertisement

&nbsp &nbsp

ADA’s performance in the past few weeks has been impressive, with network activity reaching new heights as bullish sentiments remain sustained. Most recently, an accumulation trend witnessed amongst ADA addresses puts the asset on a podium for a significant takeoff should it survive the days ahead.

Whale and shark ADA addresses have amassed $138M in days

A recently unveiled Santiment chart indicates a frenzy of persistent accumulation by ADA’s shark and whale addresses – holding 10k and 10M ADA tokens, respectively. These two address categories have amassed $138M worth of ADA in just eight days.

The accumulation level remains relatively low compared to past events. Still, having added 0.46% of ADA’s current existing supply since July 27th, the amassment appears to be gaining ground, and, if sustained further into August, it could pave the way for a massive ADA breakout.

This accumulation trend is the first the Cardano community is witnessing following the massive dump experienced in mid-June as ADA shed a significant portion of its value from June 10 to June 18 alongside the rest of the markets. The Crypto Winter’s touch was most felt during this period, and like most assets, ADA is gradually recovering the losses incurred.

ADA has remained fettered at $0.50

As ADA faces a period of consolidation around the $0.50 zone following the relief rally of July, a new push from positive sentiments could just be the catalyst for the asset’s breakout from this level. Whale accumulation could factor in and accelerate this movement. 

Advertisement

&nbsp &nbsp

ADAUSD Chart by TradingView

Since ADA has remained fettered to the $0.50 level for a while now, this level indicates that the asset is gradually improving, as psychological support appears to be stationed at the half-a-dollar zone. ADA seems to have soared past the $0.45 support and is awaiting a push to conquer the $0.50 level.

Having gained about 1.55% of its value in the past 24 hours, ADA comfortably trades at $0.52 at press time. ADA’s current market cap has seen better days, but at the present value of $17.5B, the valuation looks better than the $13.8B cap seen in mid-June when ADA was struggling to break the $0.40 level.

AD

World’s First Multi-Token ISPO — By Genius X - Starts on 12th of September, epoch 363!

Genius X, a revolutionary launchpad and business accelerator helping Web3 startups attain speed, scale, and edge, is thrilled to announce the world’s first Multi-Token ISPO.I WANT TO KNOW MORE!


Read Original Article on Zycrypto

ORIGINAL SOURCE

https://zycrypto.com/cardano-price-eyes-...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


More from Zycrypto

See more
Even As Whales Offload ADA, Cardano Could See Huge Price Boost If This Happens
Zycrypto
Even As Whales Offload ADA, Cardano Could See Huge Price Boost If This Happens

11/21/2022

·

50 views

Related News

See more
WingRiders Governance Token

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)
Bringing Fixed Assets (CNFT & CNT) Lending & Borrowing to CardanoWorld’s First Multi-Token ISPO — By Genius X