Cardano Whales Accumulate 130M ADA Tokens Amid Price Dip

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Cardano Whales Capitalize on Recent Price Dip to Accumulate 130 Million ADA Tokens

Strategic Cryptocurrency Accumulation Sparks Price Rebound

Cardano whales have capitalized on the recent price dip to accumulate a staggering 130 million ADA tokens, ultimately stabilizing the token’s price and contributing to its rebound. Currently, ADA’s price is trading above $0.35. This strategic move by whales has reinforced the critical $0.30 support level, providing a solid foundation for future potential growth.

Whales’ Confidence in ADA’s Potential

Investors have been drawn to this level, and the whales’ confidence in ADA’s potential for growth over the long term is apparent in their actions. The 20-day Simple Moving Average (SMA) at $0.756 provides an additional level of stability to a move up in price. The $0.30 support has been reinforced, creating a strong base for ADA to build on.

Approaching the Psychological Barrier of $1.00

As ADA approaches the psychological barrier of $1.00, volatility is on the rise, with Bollinger Bands becoming more prominent. The asset’s increasing momentum is the reason for the heightened volatility, which will likely persist as ADA approaches the $1.00 level. Meanwhile, the overbought zone has become an indicator of short-term resistance caused by profit-taking, and the MACD shows a bullish crossover, solidifying the upward trend.

Despite Short-term Fluctuations, the Overall Trend Remains Positive

Despite any potential short-term fluctuations, the overall trend remains positive. The token’s value is currently at $0.988, suggesting that it has increased by 6.19% in the past 24 hours and 18.47% in recent days. With a total market capitalization of around $35.39 billion and 36 billion tokens in 24 hours, trading volume has reached $3.11 billion.

Investor Sentiment and Correlation to Bitcoin

On November 27, 2024, the net outflow on Coinglass was -$2.82 million; 70% of ADA holders are currently in profit, with 29% experiencing losses. The fact that 71% of investors have been holding ADA for more than a year highlights the long-term strength of the asset. Moreover, its correlation to Bitcoin is 0.94, indicating that investors are very close to the two assets.

Next Critical Price Movement and Future Prospects

As ADA continues to move towards the $1.00 level, investors will be watching closely, particularly in relation to Bitcoin. The next critical price movement for ADA will occur from the resistance around $0.36-$0.38 and the psychological barrier at $10.00. If ADA manages to surpass these levels, it could result in even greater growth and potential for higher valuations.

Want to Learn More about Cardano and Cryptocurrency?

Check out this insightful article on Cardano Price Prediction 2025 on CoinSeeks.com, which provides valuable insights and information related to the topic.

Conclusion

With whales driving price recovery through strategic accumulation, Cardano’s long-term prospects seem clear. With the market’s fluctuation and price changes, it stands to reason that ADA is an asset to watch for in the near future.