The price of Cardano is preparing to rise above $1 thanks to whale accumulation $ADA
Cardano (ADA) is expected to break the $0.84 to $1.0 mark, supported by significant accumulation by 'whales' - over 200 million ADA in the last 48 hours.
Key notes
Derivatives data shows an increase in open interest and positive funding rates for ADA.
Overall market sentiment towards ADA remains optimistic, indicating a fresh influx of capital amid strong trader optimism.
Currently, $ADA is forming a base at the $0.80 level. If the price bounces off the current levels, a rally up to $7 and above could open up. Of course, bulls will need to overcome intermediate resistance levels.
Whales have acquired over 200 million ADA tokens in the last 48 hours, boosting the bullish trend around the asset.
Sentiment in the cryptocurrency market is generally becoming optimistic again: $BTC is preparing for new all-time highs amid a new breakout. If altcoins gain enough momentum, the price of Cardano could break the nearest resistance at $0.84, creating conditions for growth to $1 and above.
