Cardano

2024

April

Reversal

<p>Amid the broader market sell-off, Cardano’s native cryptocurrency ADA has also been facing strong selling pressure correcting over 11% on the weekly chart. As of press time, the <a href="https://coingape.com/price/cardano/" target="_blank" rel="noopener noreferrer nofollow">Cardano (ADA) price</a> is trading 0.36% down at a price of $0.4536 and a market cap of $16.16 billion.</p>
<h3 id="cardano-whale-transactions-explode">Cardano Whale Transactions Explode</h3>
<p>According to recent findings by on-chain data provider Santiment, transactions involving large sums of Cardano (ADA) tokens, surpassing $100,000 in value, have surged to their highest level since November 8th.</p>
<p>This notable uptick in <a href="https://coingape.com/markets/cardano-outperforms-whale-activity-means-ada-price/" target="_blank" rel="noopener noreferrer nofollow">Cardano whale</a> activity has historically coincided with instances of possible price reversals in ADA’s market trajectory. Notably, the market capitalization of ADA has experienced a significant decline, plummeting by 43% since March 13th, indicating a period of substantial volatility and market adjustments for the cryptocurrency.</p>
<figure id="attachment_194355" aria-describedby="caption-attachment-194355" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-194355" src="https://coingape.com/wp-content/uploads/2024/04/Cardano-ADA-whale-transactions.jpeg" alt="" width="2487" height="1768" srcset="https://coingape.com/wp-content/uploads/2024/04/Cardano-ADA-whale-transactions.jpeg 2487w, https://coingape.com/wp-content/uploads/2024/04/Cardano-ADA-whale-transactions-300x213.jpeg 300w, https://coingape.com/wp-content/uploads/2024/04/Cardano-ADA-whale-transactions-1224x870.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/04/Cardano-ADA-whale-transactions-768x546.jpeg 768w, https://coingape.com/wp-content/uploads/2024/04/Cardano-ADA-whale-transactions-1536x1092.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/04/Cardano-ADA-whale-transactions-2048x1456.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/04/Cardano-ADA-whale-transactions-150x107.jpeg 150w" sizes="(max-width: 2487px) 100vw, 2487px">
 <figcaption id="caption-attachment-194355" class="wp-caption-text">
  Courtesy: <a rel="noopener noreferrer nofollow" href="https://twitter.com/santimentfeed/status/1785055118624501946/photo/1" target="_blank">Santiment</a>
 </figcaption>
</figure>
<h3 id="ada-price-action-ahead">ADA Price Action Ahead</h3>
<p>Last week, the Cardano (ADA) price lost its major support at $0.50 levels slipping all the way to $0.45, which is the critical support zone for the altcoin. Should ADA’s price experienced a decisive decline below its current level, it could potentially stimulate additional bearish momentum, with the next significant support anticipated at $0.4280.</p>
<p>Conversely, ADA’s immediate resistance is identified at $0.4920, followed by the psychological threshold of $0.500. A conclusive breakthrough above this level might instigate a rally, potentially propelling <a href="https://coingape.com/cardano-p2p-evolution-nears-with-upcoming-genesis-rollout/" target="_blank" rel="noopener noreferrer nofollow">ADA</a> towards $0.5250, and even up to $0.5650 in the event of prevailing bullish sentiment.</p>
<p><img decoding="async" class="aligncenter size-full wp-image-194356" src="https://coingape.com/wp-content/uploads/2024/04/ADAUSD.webp" alt="" width="602" height="228" srcset="https://coingape.com/wp-content/uploads/2024/04/ADAUSD.webp 602w, https://coingape.com/wp-content/uploads/2024/04/ADAUSD-300x114.webp 300w, https://coingape.com/wp-content/uploads/2024/04/ADAUSD-150x57.webp 150w" sizes="(max-width: 602px) 100vw, 602px"></p>
<p>Despite the broader market’s bearish trend, ADA hasn’t been immune, experiencing a decline in global market cap, mirroring its subdued Year-to-Date (YTD) performance with a -23.69% contraction. Santiment’s data indicates a marginal decrease in active ADA wallets over the past three months, contrasting with signs of market recovery. This anomaly may imply either an undervaluation of ADA or a decline in interest among investors and users.</p>
<p>Data sourced from Santiment reveals a slight decrease of 0.13% in the total number of active Cardano (ADA) wallets over the past three months. This trend distinguishes ADA as one of the few networks witnessing a reduction in wallet activity during this timeframe.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> The total amount of non-empty <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> wallets are rapidly growing despite choppy prices. <a href="https://twitter.com/hashtag/Altcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Altcoin</a> wallets for assets like <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Dogecoin</a> have flattened after enormous rises earlier this year. <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Cardano</a> is one of the few networks to see active wallets drop. <a href="https://t.co/itg9qMes7c" rel="noopener noreferrer nofollow">https://t.co/itg9qMes7c</a> <a href="https://t.co/yrOlEQw3jy" rel="noopener noreferrer nofollow">pic.twitter.com/yrOlEQw3jy</a></p>
 <p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1784139513956294675?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 27, 2024</a></p>
</blockquote>
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<p>The post <a href="https://coingape.com/cardano-whale-transactions-explode-hinting-at-ada-price-reversal-in-short-term/" rel="noopener noreferrer nofollow">Cardano Whale Transactions Explode Hinting At ADA Price Reversal In Short Term</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Cardano Whale Transactions Explode Hinting At ADA Price Reversal In Short Term

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