Ethereum

Cardano

Bitcoin

when

April

<div class="finbold">
 <p class="paragraph">As Bitcoin (BTC) struggles to stabilize after the BTC halving, the wider cryptocurrency market still feels the impact.</p>
 <p class="paragraph">Although its <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> hasn’t performed particularly well in recent days, Cardano (ADA) is seeing a notable increase in <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> <a rel="noopener noreferrer nofollow" title="activity" href="https://thebittimes.com/tag/activity.html">activity</a>.&nbsp;</p>
 <p class="paragraph">According to cryptocurrency tracker <em>Santiment</em>, on April 29, ADA experienced a significant surge in <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> transactions, surpassing $100,000.&nbsp;</p>
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 <p class="paragraph">Specifically, 1,776 transactions of that amount or more have been recorded as the highest count in almost six months.</p>
 <p class="paragraph">This uptick in <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> <a rel="noopener noreferrer nofollow" title="activity" href="https://thebittimes.com/tag/activity.html">activity</a> is historically linked to potential <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> reversals. It’s especially noteworthy given that ADA’s market cap has plummeted by a staggering 43% since March 13.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="728" src="https://cdn.thebittimes.com/images/2024/04/30/38d279e8949de604ce68e12048eac08b.webp" alt="Correlation between ADA price and whale transactions. Source: Santiment" class="wp-image-172788" srcset="https://cdn.thebittimes.com/images/2024/04/30/38d279e8949de604ce68e12048eac08b.webp 1024w, https://cdn.thebittimes.com/images/2024/04/30/38d279e8949de604ce68e12048eac08b.webp 300w, https://cdn.thebittimes.com/images/2024/04/30/38d279e8949de604ce68e12048eac08b.webp 768w, https://cdn.thebittimes.com/images/2024/04/30/38d279e8949de604ce68e12048eac08b.webp 1536w, https://cdn.thebittimes.com/images/2024/04/30/38d279e8949de604ce68e12048eac08b.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Correlation between ADA price and whale transactions. Source: Santiment
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-cardano-technical-analysis">Cardano technical analysis</h2>
 <p class="paragraph">In the medium to long term, Cardano has breached the lower boundary of an ascending trend channel, suggesting either a slower rate of ascent initially or the beginning of a more horizontal trend.</p>
 <p class="paragraph">Currently, ADA is testing resistance at the $0.46 level. While this might trigger an adverse reaction, a breakthrough above $0.46 could signal a positive trend.&nbsp;</p>
 <p class="paragraph">Additionally, the negative volume balance indicates that trading volume is higher when prices fall, signaling diminishing investor optimism on the whole.&nbsp;</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="539" src="https://cdn.thebittimes.com/images/2024/04/30/b736e49b03139d3f3e2e6820a9c2c210.webp" alt="Cardano support and resistance levels. Source: TradingView
" class="wp-image-172789" srcset="https://cdn.thebittimes.com/images/2024/04/30/b736e49b03139d3f3e2e6820a9c2c210.webp 1024w, https://cdn.thebittimes.com/images/2024/04/30/b736e49b03139d3f3e2e6820a9c2c210.webp 300w, https://cdn.thebittimes.com/images/2024/04/30/b736e49b03139d3f3e2e6820a9c2c210.webp 768w, https://cdn.thebittimes.com/images/2024/04/30/b736e49b03139d3f3e2e6820a9c2c210.webp 1516w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Cardano support and resistance levels. Source: TradingView
  </figcaption>
 </figure>
 <p class="paragraph">The currency’s short-term momentum is negative, with the Relative Strength Index (RSI) at nearly 30. This indicates that investors consistently sell at lower prices, reflecting growing pessimism and sustained downward pressure despite the large-scale whale transactions.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="191" src="https://cdn.thebittimes.com/images/2024/04/30/187697b13848bd736c08249d7709b4f2.webp" alt="Cardano RSI chart. Source: TradingView" class="wp-image-172790" srcset="https://cdn.thebittimes.com/images/2024/04/30/187697b13848bd736c08249d7709b4f2.webp 1024w, https://cdn.thebittimes.com/images/2024/04/30/187697b13848bd736c08249d7709b4f2.webp 300w, https://cdn.thebittimes.com/images/2024/04/30/187697b13848bd736c08249d7709b4f2.webp 768w, https://cdn.thebittimes.com/images/2024/04/30/187697b13848bd736c08249d7709b4f2.webp 1507w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Cardano RSI chart. Source: TradingView
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="cardano-price-chart">Cardano price chart</h2>
 <p class="paragraph">ADA is currently trading at $0.430, marking a 5.48% loss in the last 24 hours and extending a retracement of 16.06% over the past week.&nbsp;</p>
 <p class="paragraph">The negative trend has persisted over the last 30 days, with Cardano losing 33.53% of its value.</p>
 <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="539" height="440" src="https://cdn.thebittimes.com/images/2024/04/30/8e4d21a215ca1835197e76fc8191557e.webp" alt="ADA 24-hour price chart. Source: Finbold
" class="wp-image-172791" srcset="https://cdn.thebittimes.com/images/2024/04/30/8e4d21a215ca1835197e76fc8191557e.webp 539w, https://cdn.thebittimes.com/images/2024/04/30/8e4d21a215ca1835197e76fc8191557e.webp 300w" sizes="(max-width: 539px) 100vw, 539px">
  <figcaption class="wp-element-caption">
   ADA 24-hour price chart. Source: Finbold
  </figcaption>
 </figure>
 <p class="paragraph">Given the predominantly bearish technical indicators for ADA and its substantial pullback over the past month, it’s challenging to anticipate a notable increase in ADA’s value in the short term despite this large scale purchasing by a small minority.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.&nbsp;</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cardano-price-prediction-after-whale-activity-explodes-tbt87034.html">https://thebittimes.com/cardano-price-prediction-after-whale-activity-explodes-tbt87034.html</a></p>

Cardano price prediction after whale activity explodes

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