ADA, the native token of the Cardano blockchain, has been making waves amid the ongoing market recovery following a significant price decline in December 2024. This market recovery has gained massive attention from crypto enthusiasts, resulting in significant accumulation of ADA tokens.
Recently, a prominent crypto expert posted on X (formerly Twitter) that whales have accumulated over 40 million ADA tokens from exchanges in the past 48 hours. This substantial accumulation indicates that whales began accumulating after the altcoin breached the trendline and broke out from a consolidation zone on the daily timeframe.
The expert’s report reveals how whales are accumulating ADA and highlights an ideal buying opportunity for retail investors. It has also been observed that the asset witnessed an impressive 16% upside momentum following this purchase.
The notable upside momentum, coupled with current rumors about a healthcare crisis in China, might be the reason behind today’s price decline and ongoing correction.
Currently, ADA is trading near $1.07 and has experienced a price decline of over 2.1% in the past 24 hours. During the same period, its trading volume has also been impacted, registering a drop of over 50%. This indicates lower participation and further reflects fear among traders and investors.
Despite all this activity at the international level, ADA appears bullish and poised to continue its upward momentum. According to expert technical analysis, the altcoin has already surged by an impressive 32% in the past three days and currently seems to be correcting itself for further gains.
However, there is also a possibility that the market may extend ADA’s price correction for a few more days. Despite this, if the altcoin holds above the $1 mark, there is a strong chance it could soar by 25% to reach the $1.32 level in the coming days.
The market sentiment appears bullish as the inauguration of United States President-elect Donald Trump, scheduled for January 20, 2025, has the potential to create a significant impact on the asset’s price.
A consistent close above the resistance range between 19 cents and 20 cents will trigger…
The crypto market capitalization has surged back above $3 trillion, displaying the growing strength within…
Tether, the company behind the USDT stablecoin, said it had nearly $120 billion invested in…
In April, the crypto market was very unstable because of the growing trade conflict between…
The SEC recently delayed its decision on Franklin Templeton’s proposed XRP Spot ETF, pushing the…
The Worldcoin price seems to be ready to defend $1 support as it has remained…
