As Cardano prices surge and the market continues to be volatile, one of the main contributors to the rise in Whale & Sharks activity. Today saw a 12-week high in transaction volumes from whales above $100K as more investors flock to Cardano as a safe haven or to capitalize off of the current trends.
Data analysis on-chain reveals that addresses holding between 100K to 100M ADA had seen an increase in the number of funds held in their wallets and is now at its highest since November 8th, when the FTX collapse occurred. This suggests that whales & sharks are accumulating and increasing their positions, which has likely contributed to the surge in price.
Cardano Recent Price Analysis
The current market sentiment is that Cardano’s rising whale activity is a bullish sign as ADA price is trading just near the $0.40 level after breaking the key resistance of $0.35.The bulls had the upper hand for the last few weeks, and the price was able to break multiple resistance levels. Now, if the price can hold at the current level above $0.40, then it could continue its uptrend.
Looking at the technical indicators, the MACD is in a bullish crossover, showing buyers are back in control. The RSI is above 50 and looks set to surge higher as more investors flock to Cardano.
ADA is trading at $0.3994, and the bulls are eying for a move toward $0.45, where the next major resistance is expected. If the price breaks this hurdle, it could continue to increase towards $0.50 and higher levels. On the downside, if the sellers manage to break below $0.395, it could drop back below the $0.38 support level and test lower levels in the near term.
The Chaikin Money Flow is now in positive territory, suggesting that money flows into the ADA market. Cardano’s whale activity and price analysis suggest that ADA could continue to surge higher as more investors flock to capitalize on current trends.
The further technical analysis reveals ADA’s price is trading above the 200-day EMA, which typically indicates long-term bullishness as the bulls attempt to break through the resistance levels. Looking at the charts, ADA could continue its uptrend if it holds above $0.3950 and sustain momentum over $0.45.
ADA price analysis on the 4-hour and hourly timeframes reveals that the bulls are running out of steam as the price action has become volatile. After hitting resistance at $0.4064, the price seems to be consolidating and waiting for a breakout higher.
Cardano Whale activity is on the rise and could continue its uptrend if it can hold above the support levels of $0.3950 and sustain buying pressure over $0.45 in the coming days. Further analysis suggests that Cardano could continue to surge higher as more investors flock to capitalize on current trends.
