Cardano Finds a Strong Support at $0.92, ADA Price May Soon be Propelled by the Whales!
After Cardano flipped the huge descending trend, it appeared that the price may now validate a strong uptrend. But the recent crypto market slash dragged the ADA price below $1, which appears to be a tedious job to regain. Amid the current negative market sentiments fueled by the Fed rate hikes, the price is expected to consolidate for a longer time under $1. However, if the price receives a huge influx of volume, the price may regain levels above $1.
The past week appeared to have recorded huge whale accumulations while the ADA price had plunged drastically by more than 20%. As per the data from Santiment, Cardano’s top whales have been accumulating ADA for a pretty long time, ever since the ADA price dropped from its highs at $3.1. And hence manifesting the possibilities of yet another gigantic rally fast approaching ahead.
#Cardano is down -59% since its $3.10 #AllTimeHigh. However, the asset’s top whales (holding 10M+ $ADA) have returned to their largest percentage of supply held in two years, at 46.6%. Note that a large portion of these addresses are owned by exchanges. https://t.co/N8IVKH7hPx pic.twitter.com/9kwd0bMJHn
— Santiment (@santimentfeed) April 11, 2022
According to the data, the whale address with more than 10 million ADA who had previously been responsible to hold 10% of the entire Cardano supply, has increased their accumulation to 46% of the entire supply. Moreover, the accumulation has ignited from Feb 2021, when the 2021 bull run went to its peak and also scrambled heavily to the lower levels. And hence it clearly indicates the whales accumulating irrespective of the market trend.
What Can You Expect from Cardano (ADA) Price?
The ADA price ever since faced rejection at $1.2 is depleting forming multiple bearish flags.
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