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.
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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.
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
