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Cardano Ecosystem

Coinjournal

07/11/2022

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Decision moment for Cardano as whales add another $37 million in June

Cardano’s Vasil update went live on July 3 ahead of the mainnet launch Whales… The post Decision moment for Cardano as whales add another $37 million in June appeared first on CoinJournal.

Decision moment for Cardano as whales add another $37 million in June
  • Cardano’s Vasil update went live on July 3 ahead of the mainnet launch

  • Whales have been accumulating the cryptocurrency ahead of the hard fork

  • ADA price remains subdued, but recent accumulation points to a potential spike

Cardano’s ADA/USD is a cryptocurrency that investors are highly anticipating a comeback. The optimism relates to the expected mainnet hard fork, enhancing Cardano’s scalability. Initially set for June 29, Cardano developers rescheduled the date to clear critical issues. ADA price has since been moving with the general crypto trends. Investors are accumulating the tokens.

Santiment indicates that ADA investors boosted their holdings by nearly 80 million tokens in June. The investors have holdings that range between 10,000 and 100,000 tokens. The Santiment data also indicated that the sell-off of ADA had reduced significantly since mid-June.

Investors are banking on the Vasil upgrade, which is expected to boost the ADA price soon. The date for the final upgrade is yet to be confirmed. The Vasil update went live on the network testnet on July 3. With these developments, it is worth exploring when to buy ADA.

ADA slips to support amid bearish pressure

Source – TradingView

ADA has been trapped between $0.51 resistance and $0.44 support for a month. The moving average and MACD indicators are currently flashing bearish signs. We view the region as a potential make or break for ADA. Long-term buyers should consider buying at the $0.44 bottom. ADA would experience a lasting momentum if it successfully clears $0.51 resistance. Investors should now watch for price action and a potential bullish reversal at $0.44.

Summary

Cardano is experiencing an increased whale activity despite a bearish market. ADA price is under pressure as technical indicators reveal bearish signs. However, the price remains supported at $0.44, and a bullish reversal could occur.

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