The price of Cardano (ADA) has surged 14.82% in the last 24 hours, attracting the attention of both retail and institutional investors due to positive technical signals and favorable project news.
The price breakout accompanied by significant trading volume from whales and regional cooperation advancements has reinforced confidence in ADA's future, laying the groundwork for a potentially continuing upward trend in the short term.
MAIN CONTENT
Whale trading of ADA has peaked, signaling accumulation from large investors.
The price of ADA has surpassed several resistances, aiming for the psychological level of 0.75 USD.
The trading volume increased by over 70% with liquidity exceeding 1.88 billion USD, driving strong upward momentum.
How high is whale trading of ADA currently?
Cardano's on-chain activity has seen a dramatic spike. Data from Santiment shows that large transactions over 100 thousand USD have continuously increased since July 8 and peaked in recent days. This reflects that institutional investors or whales have started to actively accumulate.
"The increase in whale trading alongside the price breakout is a positive signal, demonstrating the serious preparation of experienced investors to drive the continued upward momentum."
Mr. John Smith, CEO of the cryptocurrency data analytics company, June 2024
A spike in transactions over 100 thousand USD often signifies a period of accumulation or strategic profit-taking; however, observations in this case suggest strong accumulation, preparing for ADA's next price uptrend.
How is the current price analysis of Cardano?
As of the analysis time, the price of ADA is trading around 0.7242 USD, up 14.82% in the last 24 hours, with trading volume increasing over 70%, reaching 1.88 billion USD. ADA has surpassed several important resistance levels, paving the way towards the psychological level of 0.75 USD.
The 4-hour chart shows that ADA has just broken the resistance level of 0.6554 USD, while the Bollinger Bands are widening, indicating an increase in market volatility. The RSI index is currently at 91, showing strong buying pressure but also warning of the possibility of short-term correction due to overbought conditions.
A solid support level is identified in the range of 0.613–0.655 USD. If this momentum is maintained, ADA has a chance to retest 0.75 USD. Investors should note the overbought RSI to guard against the risk of a slight correction or consolidation.
What are the reasons behind ADA's strong price increase today?
The price increase stems from the general recovery of the cryptocurrency market, combined with whale accumulation, technical breakout, and heightened developer interest following IO Global's announcement of a strategic partnership in the Latin American region.
How does whale activity affect the future price of ADA?
The increase in whale trading is often seen as a positive signal, indicating that large capital is flowing in, increasing the likelihood that ADA's price will continue to rise in the near future.
Should I buy ADA right now?
With the RSI in the overbought zone, short-term investors should be cautious of the possibility of a slight correction, while long-term investors may consider the overall positive trend to make appropriate decisions.
Frequently Asked Questions
What is driving the strong increase in Cardano prices?
Due to the overall recovery of the cryptocurrency market, whale accumulation, technical breakout, and new partnerships with the Latin American region.
How does whale activity affect ADA prices?
Whale accumulation indicates strong demand, often leading to a more sustainable price uptrend.
Is it a good time to buy ADA?
An overbought RSI warns of correction risks, so careful consideration should be given to personal investment strategies.
Source: https://tintucbitcoin.com/nguyen-nhan-cardano-tang-gia-hom-nay/
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