Cardano whales continue accumulation awaiting three key developments in 2023


  • Cardano network’s large wallet investors are scooping up the Ethereum-killer altcoin, on-chain data from Santiment shows.
  • ADA holders are awaiting the launch of Hydra, Oracles and the stablecoin Djed - bullish catalysts for the Cardano ecosystem. 
  • Cardano price is on track to hit the $0.4180 target as the altcoin climbs above the 50- and 200-day Exponential Moving Averages. 

Cardano, Ethereum network’s competitor and one of the largest altcoins in the crypto ecosystem, noted a spike in whale wallet holdings. Cardano community members await three critical events in the altcoin’s network in 2023. The outlook on the altcoin is bullish. 

Also read: Ethereum whales predict bloodbath in the altcoin bet on ETH price decline below $400

Cardano large wallet investors are scooping up ADA at a fast pace

Cardano, a smart contract network and competitor of Ethereum, has witnessed an increase in ADA token holdings of large wallet investors. ADA holders with 10,000 to 100,000 tokens have increased their holdings consistently since mid-November 2022. 

Based on the chart from Santiment, whales holding between 10,000 and 100,000 coins and 100,000 and 1,000,000 ADA have scooped up ADA over the past two months. 


ADA whale holdings

ADA whale holdings 

Three bullish catalysts for Cardano in 2023

Cardano holders are looking forward to three bullish catalysts: the launch of Hydra, Cardano’s layer-2 scalability solution, Djed, the ecosystem’s stablecoin and more bridges connecting the blockchain network, Oracles. 

The Ethereum-killer’s developers are working on the development roadmap for the altcoin. Charles Hoskinson, the co-founder of Cardano, has assured the community that the altcoin is on track to meet its developmental milestones in 2023. 

Cardano price outlook remains bullish

Cardano price has surpassed its two Exponential Moving Averages at 50-day and 200-day, implying ADA is on track to the $0.4180 bullish target. The altcoin’s price is in an ascending channel, and the Relative Strength Index (RSI), a momentum indicator, is 77.90, implying the asset is overbought. 

Based on the ADA price chart below, the $0.3008 and the $0.3059 are the two resistance levels for the Ethereum-killer. 

ADAUSDT perpetual contract

ADA/USDT perpetual contract

A decline below the 200-day EMA at $0.2760 could invalidate the bullish thesis for the altcoin. Based on data from the RSI, Cardano is overbought, implying the asset could witness a bearish trend reversal if bulls fail to push the price higher. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

XRP struggles below $0.50 as Ripple proponent attorneys slam SEC for Ethereum “free pass”

XRP struggles below $0.50 as Ripple proponent attorneys slam SEC for Ethereum “free pass”

XRP trades back below $0.50 on Wednesday as Ripple (XRP) proponents like attorney Bill Morgan have lashed out at the Securities and Exchange Commission (SEC) for what is being considered a “second free pass” for Ethereum. 

More Ripple News

Ethereum survives SEC scrutiny: Enforcement division closes investigation into Ether, Consensys says

Ethereum survives SEC scrutiny: Enforcement division closes investigation into Ether, Consensys says

Ethereum (ETH) received a free pass from the US Securities and Exchange Commission (SEC) as the regulator decided to drop its investigation into ETH for allegedly selling the token as a security. 

More Ethereum News

Polygon MATIC poised for 10% rally as momentum indicators signal strength

Polygon MATIC poised for 10% rally as momentum indicators signal strength

Polygon price formed a bullish divergence on a momentum indicator, signaling a reversal. On-chain data shows MATIC’s capitulation event occurred between June 12 and 18.

More Polygon News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin technical indicators signal bullish momentum

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin technical indicators signal bullish momentum

Bitcoin price action shows a bullish divergence on a momentum indicator, signaling a forthcoming bullish trend. Ethereum and Ripple are poised to mirror Bitcoin's trajectory, preparing to breach resistance levels and rally upwards in tandem.

More Cryptocurrencies News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP