Cardano price sees whales accumulating at highest level, 30% gain projected in April
- Cardano price sees whale accumulation peaking to the highest level in over a month.
- ADA breaks in the resistance area of $0.40 and is heading for a test at $0.42.
- If ADA can break above $0.42, it would make a new high for 2023.
Cardano (ADA) price has bulls flocking into its price action as all starts align with the altcoin. Not only are whales staking their holdings to a new monthly high, but the underlying Cardano blockchain is also ready for some tailwinds. With positive sentiment only broadening, expect to see a vital move in April that could see more than a 30% gain and a test at $0.52.
Cardano price in favor on all fronts
Cardano price looks ready to shift another gear higher as Ethereum Virtual Machine (EVM) is scheduled to be added to the Cardano blockchain and will become the largest EVM chain with the staking rewards fully operational. Using Solidity's programming language, no new toolkits are needed for Ethereum application developers to build on the Cardano blockchain. This is a positive element of the development that can only boost the interest in Cardano coins.
ADA will thus see two driving forces, one from whales and one from developer interest, that will be enough to break that $0.421 top side from February. Once that is taken out, ADA looks prepared to jump substantially higher. April looks ready to hit $0.524
ADA/USD 4H-chart
Risk comes in the form of a firm rejection against $0.421 yet again as bulls already broke their teeth in February. Another rejection could break morale a bit and send ADA back below $0.40. That means that pressure will build on $0.388 and could see another leg lower near $0.36 with a 10% decline at hand.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
