Cardano Gearing Up For Recovery As ADA Whales Become Active Again

Cardano’s native cryptocurrency, ADA, is showing signs of recovery as the number of active ADA whales increases. This surge in whale activity has led to a bullish sentiment among investors, with hopes that ADA will return to its previous high levels. Cardano, known for its advanced blockchain technology and sustainable approach, has been gaining significant attention in the crypto world. The crypto community is closely monitoring the ADA price movement and its potential for growth, with some predicting a significant rally in the short term. As the market continues to gain momentum, ADA is poised for a comeback, and Cardano enthusiasts are eagerly anticipating what the future holds.

Cardano (ADA) is attracting the attention of larger investors, with whale activity on the rise despite a slight pullback in price. These investors are taking advantage of price action, resulting in a significant uptick in their transacted volume on a weekly basis, which puts it back at a six-month high. The data shows that whale transactions higher than $100,000 were much higher in the last week, collectively moving around 30 billion ADA, worth over $10 billion at current prices.

This surge in whale activity is a positive sign for Cardano, especially as the market returns to what looks like another bull run. The last time that whales were this active was back in August 2022 when the price of ADA had rallied to a local peak of $0.57, usually accompanied by positive price trends. The price of ADA is still maintaining its position above the 100-day simple moving average, solidifying its tendency to continue on a rally rather than see another decline.

However, the price of ADA is still seeing significant resistance just above $0.35, and with support resting at $0.32, it could quickly lose its present value if there is nothing to hold it up as well. It is essential for the cryptocurrency to maintain some form of an uptrend or risk a crash from here. Like most of the altcoins in the crypto market, Cardano has been unable to keep up with Bitcoin’s recovery, seeing only a 1.23% uptick in the last seven days.

At the time of writing, ADA is changing hands at a price of $0.3451. Its price is up 1.35% in the last day and seeing 0.90% gains on the one-hour chart. If whale activity continues, it could lead to more demand for the asset, inevitably driving its price further up. If this happens, ADA could quickly clear the $0.5 resistance level before it runs out of steam.

Title options:
1. Cardano Whale Transactions Increase Despite Pullback in Price
2. Cardano (ADA) Whale Activity on the Rise: Positive Sign for the Asset.

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