TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Cardano price could rise 15% as shark and whale wallets resurface

  • Cardano price is on a recovery mission alongside most altcoins in the crypto scene.
  • ADA could climb 15% to the $0.6000 psychological level amid rising momentum and large holders resurfacing.
  • The bullish thesis will be invalidated upon a break and close below the 100-day SMA at $0.4648.
Cardano price could rise 15% as shark and whale wallets resurface
Lockridge OkothLockridge OkothFXStreet

Cardano (ADA) price is confronting a formidable barrier as it attempts a recovery rally. It joins the broader crypto market which is  trying to recover from a steep crash. According to analysts from behavior aggregator Santiment, large holders may have something to do with the ADA move north with on-chain metrics to show for it. 

Also Read: Cardano Price Forecast: ADA whales’ resilience might catalyze a 30% recovery rally

Cardano shark and whale wallets resurface

Cardano (ADA) price is up nearly 13% since finding support at the 100-day Simple Moving Average (SMA) at $0.4648. According to Santiment analysts, shark (addresses holding between 500 and 1000 ADA tokens) and whale (addresses holding over 1000 ADA) wallets are the ones driving the surge.

Based on the report, an additional 639 million more addresses holding between 100,000 and 100 million ADA tokens have resurfaced over the last eight months.

In a highly bullish case, the Cardano price could extend the gains to the $0.6412 blockade or higher, clearing the $0.6800 psychological level before reclaiming the $0.6831 range high.

ADA/USDT –day chart

On-chain metrics to support bullish outlook for Cardano

Santiment data shows a notable spike in whale transaction count for large holders moving over $100,000 to $1 million worth of ADA, corroborating the Santiment analysis.

ADA Santiment: Whale transaction count

On the other hand, if selling pressure increases, Cardano price could drop, likely going as low as to lose the 100-day SMA at $0.4648. In the dire case, the gains could extend to the $0.3790 low, levels last tested on December 1, 2023. Such a move would constitute a nearly 30% fall below current levels.

Author

Lockridge Okoth

Lockridge is a believer in the transformative power of crypto and the blockchain industry.

More from Lockridge Okoth
Share:

Editor's Picks

XRP extends recovery as ETF inflows, futures interest stabilize

XRP extends recovery as ETF inflows, futures interest stabilize

Ripple (XRP) ticks higher, trading at $1.42 on Wednesday while building on a recently confirmed support range between $1.30 and $1.35. The token also sits above major moving averages, reinforcing the bullish outlook. However, upside could remain capped unless the psychological barriers at $1.50 and $1.70 are cleared, paving the way for an extended recovery above $2.00.
Crypto Today: Bitcoin, Ethereum, XRP regain strength as US Treasury doubles down on buybacks

Crypto Today: Bitcoin, Ethereum, XRP regain strength as US Treasury doubles down on buybacks

Bitcoin (BTC) is trending higher alongside other major cryptocurrencies on Wednesday. Ethereum (ETH) has reclaimed $2,500 as short-term support, raising the odds that the uptrend will gain momentum. Meanwhile, Ripple (XRP) shows signs of recovery, trading near $1.44 while supported by key moving averages.
Bitcoin climbs as Oil tops $100, equities drop after Iran strikes

Bitcoin climbs as Oil tops $100, equities drop after Iran strikes

Bitcoin rose as much as 1.6% since midnight UTC to $79,742 as U.S. Central Command said it destroyed five Iranian oil tankers on Tuesday night and Tehran responded with missile strikes on American bases in Jordan. Brent crude topped $100 a barrel for the first time since July. The largest cryptocurrency was recently trading near $79,000. Ether is 0.3% higher at $2,490 and XRP has added 0.4% to $1.42
Zcash breaks above 2018 highs, eyes 1600–2500 [Video]

Zcash breaks above 2018 highs, eyes 1600–2500 [Video]

We have talked extensively about the bullish outlook for Zcash (ZECUSD) over the past year, repeatedly highlighting the potential for a move back toward the 2018 highs and the $1,000 area. As anticipated, Zcash has now broken above its 2018 highs and pushed into the $1,000 region. The key question now is: how much upside remains?
Bitcoin: Gearing up for a sharp move

Bitcoin: Gearing up for a sharp move

Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.