Cardano

Rally

World

<a href="https://bitcoinist.com/cardano-ada-whales-13-84-billion/" target="_blank" rel="noopener nofollow">Cardano (ADA) whales</a> are back in the picture, with recent data suggesting their confidence in the crypto token may have been revived. If so, this will be massive for ADA, which could experience <a href="https://bitcoinist.com/bullish-cardano-metric-signals-upcoming-75-rally-toward-1/" target="_blank" rel="noopener nofollow">significant price surges</a> soon enough based on this development.&nbsp; 
<h2 id="b-cardano-whales-add-to-their-holdings-b">Cardano Whales Add To Their Holdings</h2> 
The <a href="https://bitcoinist.com/bitcoin-adoption-slows-down-multi-year-lows-but-why/" target="_blank" rel="noopener nofollow">market intelligence platform IntoTheBlock</a> recently revealed in an X (formerly Twitter) <a href="https://x.com/intotheblock/status/1790774801277042863" target="_blank" rel="noopener nofollow">post</a> that Cardano whales (who hold between 100 million and 1 billion ADA) have now added 11% to their balances over the past 30 days. These investors now hold 6.71% of Cardano’s total supply.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-608732" src="https://www.newsbtc.com/wp-content/uploads/2024/05/a_552abf.png?resize=641%2C457" alt="" width="641" height="457" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/a_552abf.png?resize=641%2C457?w=641 641w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_552abf.png?resize=641%2C457?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_552abf.png?resize=641%2C457?w=120 120w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_552abf.png?resize=641%2C457?w=350 350w" sizes="(max-width: 641px) 100vw, 641px" data-recalc-dims="1"> 
This represents a bullish development for Cardano since <a href="https://bitcoinist.com/bitcoin-whales-buying-spree-btc-above-74000/" target="_blank" rel="noopener nofollow">whale accumulation</a> usually suggests that these investors are positioning for a potential price surge. These whales also contribute to the price surge since buys of such magnitude could trigger a rally in the price of any crypto token.&nbsp; 
Besides the whales, retail investors are also heavily invested in Cardano. <a href="https://app.intotheblock.com/coin/ADA/quick-view" target="_blank" rel="noopener nofollow">Data</a> from IntoTheBlock shows that the bid-ask volume imbalance is bullish for ADA. Furthermore, the ‘In The Money’ metric has also turned bullish for Cardano, meaning that most of these investors are currently in profit.&nbsp; 
Generally, the confidence in the Cardano ecosystem is growing once again. <a href="https://defillama.com/chain/Cardano" target="_blank" rel="noopener nofollow">Data</a> from DeFiLlama shows that the <a href="https://bitcoinist.com/cardano-booms-and-166-surge-in-tvl-marks-new-phase/" target="_blank" rel="noopener nofollow">Total Value Locked (TVL)</a> on the network has increased by over 5% in the last seven days. Lately, there has also been a significant increase in <a href="https://www.newsbtc.com/news/cardano/10-price-cardano-volume-90/" target="_blank" rel="noopener ">Cardano’s trading volume</a>, meaning users are actively trading on the network.&nbsp; 
<img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/utSiubTL/" width="1835" height="883"> 
<h2 id="b-cardano-s-rally-is-imminent-b">Cardano’s Rally Is Imminent&nbsp;</h2> 
<a href="https://bitcoinist.com/100-rise-dogecoin-to-0-3/" target="_blank" rel="noopener nofollow">Crypto analyst World of Charts</a> suggested that Cardano might soon experience a significant rally, <a href="https://x.com/WorldOfCharts1/status/1791458950870684099" target="_blank" rel="noopener nofollow">noting</a> that the crypto token’s breakout was already confirmed and moving toward the projected price targets. The analyst had <a href="https://x.com/WorldOfCharts1/status/1788407796758700194" target="_blank" rel="noopener nofollow">previously predicted</a> that a successful breakout would take <a href="https://bitcoinist.com/bullish-cardano-metric-signals-upcoming-75-rally-toward-1/" target="_blank" rel="noopener nofollow">Cardano’s price to $1</a> in the coming weeks.&nbsp; 
<a href="https://bitcoinist.com/cardano-1800-price-explosion-12/" target="_blank" rel="noopener nofollow">Crypto analyst Trend Rider</a> also <a href="https://x.com/TrendRidersTR/status/1791435901639287184" target="_blank" rel="noopener nofollow">confirmed</a> that Cardano is already witnessing a bullish reversal, highlighting the bounce the crypto token made after flashing a bullish signal on the daily chart. In the short term, the analyst <a href="https://x.com/TrendRidersTR/status/1791451206688104804" target="_blank" rel="noopener nofollow">expects</a> ADA to climb back above $0.5 and <a href="https://x.com/TrendRidersTR/status/1791463340255961596" target="_blank" rel="noopener nofollow">added</a> that Cardano will need to hold above $0.51 on the weekly to end the price correction and confirm a bullish continuation.&nbsp; 
<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." target="_blank" rel="noopener ">Crypto analyst Dan Gambardello</a>, the founder of Crypto Capital Venture, also <a href="https://x.com/cryptorecruitr/status/1791487565452697640" target="_blank" rel="noopener nofollow">provided</a> insights into Cardano’s future trajectory. He noted that Cardano is currently breaking its 20-day moving average (MA), which the analyst claimed is a very “nice sign” for ADA.&nbsp; 
Gambardello pointed out on Cardano’s daily chart that the 50-day MA has crossed the 200-day MA, which likely means that the bottom is already in, and this is the lowest Cardano will go. This occurrence is referred to as a <a href="https://bitcoinist.com/analyst-golden-cross-prints-altcoins-ready-to-rip/" target="_blank" rel="noopener nofollow">golden cross</a> and is a bullish signal, indicating the beginning of an upward trend.&nbsp; 
Featured image from Pexels, chart from TradingView

Cardano Whales Return To The Table, Increase Massive Holdings By 10%

Table of Contents

NewsBTC

Other articles published on May 18, 2024

Vitalik Buterin’s New Insights on MEV and Ethereum Scaling

Immutable Price Prediction: Is $5 the Next Stop for IMX?

🚀 GoMarket Weekly #10🚀

US House to Vote on Two Landmark Crypto Bills Next Week

Solana Price Witnesses an Upsurge, Reaching a Five-Week High!

Experts Predict Dogecoin Will Surpass Ripple’s Market Value

Join our free newsletter for daily crypto updates!