Cardano

Coin

Just days ago, we mentioned the waning demand for a popular <a href="https://en.coin-turk.com/" target="_blank" rel="noopener" data-wpel-link="internal">altcoin</a> and the possibility of a deeper trough due to an ongoing lawsuit. On Saturday morning, exactly that happened. Cardano (ADA), one of the largest altcoins by market value, dropped below the support level of $0.3. So, what&#8217;s next? What awaits investors? 
<h2 style="text-align: justify;" id="span-data-contrast-auto-cardano-ada-price-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">Cardano (ADA) Price </h2>
The price of Cardano (ADA) fell to its lowest level in two years, $0.23, as markets reacted to the latest SEC court filings. However, increased whale activity over the last few days has resulted in a 20% gain for ADA today. Last week, Cardano&#8217;s parent company, Input Output Global (IOG), published a robust response refuting the SEC&#8217;s claim that ADA is a security. 
Although Gensler offered a more forceful response today, the price continues to hold at $0.28 as panic sales have subsided. After taking bullish positions during last week&#8217;s major price slump, Cardano whales now seem to be reentering the game. Notably, between June 8 and June 12, the ADA Whale Transaction Count (1M) increased by 41% to a daily total of 137 trades, up from 97. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-84075 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/ada-4.png" alt="" width="1370" height="732" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/ada-4.png 1370w, https://en.coin-turk.com/wp-content/uploads/2023/06/ada-4-300x160.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/ada-4-768x410.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/ada-4-1200x641.png 1200w" sizes="(max-width: 1370px) 100vw, 1370px" />
<h2 style="text-align: justify;" id="span-data-contrast-auto-ada-commentary-price-prediction-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">ADA Commentary Price Prediction </h2>
The Whale Transaction Count (1M) metric evaluates the trading activity of <a href="https://en.coin-turk.com/cardano-ada-sees-8-increase-amid-weekend-plunge-whats-next/" target="_blank" rel="noopener" data-wpel-link="internal">ADA Coin</a> millionaire investors by tracking the number of daily confirmed transactions exceeding $1 million. Given the whales&#8217; disproportionate financial power, increased trading activity, as seen above, could absorb selling pressure on exchanges. This could inspire other strategic investors to believe that ADA has bottomed out. 
A rebound in the Average Coin Age of ADA also supports the belief that the bottom might have been reached at the $0.22 level. Therefore, if whales remain active and the majority of long-term investors continue to HODL, the recovery in the ADA price will likely continue. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-84074 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/cardano-1.png" alt="" width="1362" height="730" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/cardano-1.png 1362w, https://en.coin-turk.com/wp-content/uploads/2023/06/cardano-1-300x161.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/cardano-1-768x412.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/cardano-1-1200x643.png 1200w" sizes="(max-width: 1362px) 100vw, 1362px" />
For now, however, it remains to be seen how strong resistance will be in the $0.3 region. If the price can surpass this area, it may struggle to revert $0.33 back to support. After that, the $0.35 and $0.39 resistances will be targeted. 
The interest rate decision coming this week could slightly increase investors&#8217; risk appetite. The Fed is expected to keep interest rates steady. 
The post <a rel="nofollow" href="https://en.coin-turk.com/cardano-ada-whale-activity-sparks-potential-rebound-amid-legal-troubles/" data-wpel-link="internal">Cardano (ADA): Whale Activity Sparks Potential Rebound Amid Legal Troubles</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Cardano (ADA): Whale Activity Sparks Potential Rebound Amid Legal Troubles

Table of Contents

COINTURK NEWS

Other articles published on Jun 13, 2023

XRP registered a 7.4% increase after the publication of the Hinman documents

Ex-SEC Official: US DOJ Likely to File Criminal Indictment Related to Binance

Top 5 Projects With a +50X Return Funded by Binance Labs

House of Poker - Guide: How to participate in $6,000 USDC Airdrop Gleam Event [Part 3]

SEC Requests Binance Asset Freeze, Exchange Hires Former Agency Director as Lawyer (Report)

Market Dynamics to be Impacted by Significant Token Unlocks: BIT, BLUR, APE, UNI, and FIL

Join our free newsletter for daily crypto updates!