Cardano

Billion

<p><a href="https://bitcoinist.com/cardano-addresses-in-loss-barrels-past-57-amid-market-crash/">Cardano (ADA)</a> is finally seeing some action again, as data from the market intelligence platform <a href="https://bitcoinist.com/bitcoin-time-bull-market-intotheblock-explains-why/">IntoTheBlock</a> shows that there has been a notable spike in whale activity. This has revived hopes that the ADA token could soon record a significant price surge due to this development.&nbsp;</p> 
<h2 id="cardano-whales-move-13-84-billion">Cardano Whales Move $13.84 Billion</h2> 
<p>IntoTheBlock mentioned in an X (formerly Twitter) <a href="https://x.com/intotheblock/status/1784884934630334669" rel="nofollow" target="_blank">post</a> that Cardano whales have carried out an average large transaction volume of $13.84 daily in the last seven days. This translates to a total transaction volume of about $96.88 billion during this period. To show how massive this is, IntoTheBlock added that this transaction volume is a third of <a href="https://bitcoinist.com/bitcoin-volume-rises-but-remains-65-lower-2021-ath/">Bitcoin’s current volume</a> while it is 5x and 16x that of Litecoin and <a href="https://bitcoinist.com/dogecoin-sell-off-10-billion-doge/">Dogecoin’s volume</a>, respectively.&nbsp;</p> 
<p>These whales are believed to be taking advantage of Cardano’s recent price dips to load their bags in anticipation of a price surge from the crypto token. <a href="https://coinmarketcap.com/currencies/cardano/" rel="nofollow noopener" target="_blank">Data</a> from CoinMarketCap shows that Cardano is down over 11% in the last seven days, suggesting a trend reversal may be imminent.&nbsp;</p> 
<p>The return of these whales could also contribute to this imminent price surge, considering that they play a massive role in price discovery. On-chain analytics platform Santiment <a href="https://x.com/santimentfeed/status/1785055118624501946" rel="nofollow" target="_blank">noted</a> that a spike in Cardano whale activity “historically correlates with potential price reversals.”&nbsp; The <a href="https://bitcoinist.com/why-these-2-altcoins-could-witness-price-bumps/">platform</a> also revealed that these whale transactions are the highest since November 8th.</p> 
<p>Besides whale activity, a couple of other on-chain metrics paint a bullish outlook for Cardano, with <a href="https://app.intotheblock.com/coin/ADA/quick-view" rel="nofollow noopener" target="_blank">data</a> from IntoTheBlock showing the Concentration and Bid-Ask Volume Imbalance metric flashing a bullish signal. Meanwhile, although most ADA holders are currently not in profit, they may be forced to add to their positions to break even once Cardano sees a relief pump.&nbsp;</p> 
<h2 id="ada-s-price-action-from-a-technical-analysis-perspective">ADA’s Price Action From A Technical Analysis Perspective</h2> 
<p><a href="https://www.newsbtc.com/analysis/ada/cardano-ada-price-to-11/#:~:text=According%20to%20him%2C%20this%20is,the%20next%20Bitcoin%20Halving%20event." rel="nofollow noopener" target="_blank">Dan Gambardello</a>, the founder of Crypto Capital Venture, <a href="https://x.com/cryptorecruitr/status/1784735662937162221" rel="nofollow" target="_blank">noted</a> in an X (formerly Twitter) post that Cardano is currently coming out of its <a href="https://bitcoinist.com/ada-price-struggles-to-break-above-trendline/">overbought condition</a>, which suggests that a move to the upside is imminent. He remarked that a further dip might not be a thing as that could translate to the crypto token (just like the broader crypto market) entering an oversold environment where it is ready to “pump like crazy.”</p> 
<p>Meanwhile, <a href="https://bitcoinist.com/cardano-1800-price-explosion-12/">crypto analyst Trend Rider</a> recently <a href="https://x.com/TrendRidersTR/status/1785069144091541760" rel="nofollow" target="_blank">stated</a> that Cardano just needs to hold above $0.52 for a few weeks, and then a parabolic move to the upside will occur. He claimed the same thing happened in 2020 when Cardano experienced a “mega bull run” after it managed to hold above a crucial support level.&nbsp;</p> 
<p>At the time of writing, Cardano is trading at around $0.45, up over 1% in the last 24 hours according to <a href="https://coinmarketcap.com/currencies/cardano/" rel="nofollow noopener" target="_blank">data</a> from CoinMarketCap.</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/Xy9wFyNe/" alt="Cardano price chart from Tradingview.com
" width="3286" height="1530"></p>

Cardano Roars Back To Life As ADA Whales Move $13.84 Billion

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