Cardano

Although Cardano (<a href="https://finbold.com/cryptocurrency/cardano/" rel="noopener noreferrer nofollow">ADA</a>) hasn’t performed well since the start of April losing support above $0.40, <a href="https://finbold.com/topic/cardano/" rel="noopener noreferrer nofollow">Cardano</a> whales have been engaging in ‘a shopping spree’ over the past two weeks.Indeed, Cardano <a href="https://finbold.com/guide/what-is-hodl/#Whale" rel="noopener noreferrer nofollow">whales</a> (large holders) have been engaging heavily in the market over the past two weeks. These whales have acquired a total of 560 million ADA tokens, amounting to a $218.4 million in value, according to recent <a href="https://twitter.com/ali_charts/status/1645172230421086208" rel="noopener noreferrer nofollow">insights</a> provided by <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">cryptocurrency trading</a> expert, Ali Martinez, on April 10.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/988deeb09003415fa85e4575c2c4ceef.jpg" />Cardano whales buy over $200 million in ADA tokens. Source: IntoTheBlockThis trend suggests that Cardano is becoming increasingly attractive to institutional investors and high net worth individuals.The buying spree also indicates that these investors have a strong bullish sentiment towards the <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrency</a>, which has been gaining popularity as a competitor to Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) and other major players in the market.<h2 id="header-0">Cardano price analysis</h2>However, despite the so-called ‘buying spree’, the price of ADA hasn’t experienced an upward trajectory as a result of this surge in demand. Yet whales have taken advantage of the recent price drop to expand their cryptocurrency holdings using the “buy the dip” strategy.Currently, Cardano is priced at $0.3873, down 0.58% in the last 24 hours and further losses of 2.13% across the previous week. As things stand, ADA has a support level of $0.36248 and faces significant <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">resistance</a> at $0.41413.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/614c429ec5ea42619a720c7e07cbb3f8.jpg" />Cardano 7-day price chart. Source: FinboldADA has a total market worth of $13.4 billion reclaiming the seventh spot of the most valuable digital asset from Dogecoin (<a href="https://finbold.com/cryptocurrency/dogecoin/" rel="noopener noreferrer nofollow">DOGE</a>) whose price has since collapsed since Elon Musk removed the dog meme coin from the Twitter (NYSE: <a href="https://finbold.com/stock/twitter-stock-twtr/" rel="noopener noreferrer nofollow">TWTR</a>) logo.ADA’s technical analysis (<a href="https://finbold.com/guide/technical-analysis/" rel="noopener noreferrer nofollow">TA</a>) on TradingView’s 1-day gauges are bullish despite the price decline; its summary aligns with the ‘buy’ sentiment at 13, resulting from <a href="https://finbold.com/guide/stochastic-oscillator-definition/" rel="noopener noreferrer nofollow">oscillators</a> pointing at ‘neutral’ at 9 and moving averages (<a href="https://finbold.com/guide/moving-average/" rel="noopener noreferrer nofollow">MA</a>) indicating a ‘strong buy’ at 12.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/9b5664c40b3248f2940e5d90a2a47f3e.jpg" />ADA 1-day technical analysis. Source: TradingViewNotably, Cardano was named as one of Finbold’s <a href="https://finbold.com/cryptocurrencies-to-watch-for-the-week-of-april-10-2023/" rel="noopener noreferrer nofollow">cryptocurrencies to watch</a> for the week of April 10, 2023 with the updated roadmap for <a href="https://docs.cardano.org/development-guidelines/scalability-solutions/hydra/" rel="noopener noreferrer nofollow">Hydra, a layer-2 scalability solution</a>, has put ADA back in focus, providing developers with a means to increase transaction speed and lower costs on the network.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Cardano whales go on a huge ‘shopping spree’ buying up ADA dip

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