Cardano

bullish

April

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Rise

<p>In this confusing market sentiment, Cardano (ADA) whales' activity over the past 24 hours has raised hope among investors and traders, indicating something significant may be unfolding. According to the on-chain analytic firm IntoTheBlock, Cardano Whales has moved a significant 19.5 billion ADA tokens, worth $6.48 billion in the past day.</p>   
<h2 class="wp-block-heading" id="h-whale-activity-on-the-rise"><strong>Whale Activity on the Rise</strong></h2>   
<p>Additionally, large transactions (transactions more than $100,000) have increased by 10% in the last 24 hours. According to the data, these whales have made more than 3,100 transactions during the same period, compared to the weekly high of 3,300.&nbsp;</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/18021052/kmvkm.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/18021052/kmvkm-1024x338.png" alt="" class="wp-image-351820"></a>
 <figcaption class="wp-element-caption">
  Source: IntoTheBlock
 </figcaption>
</figure>   
<p>This notable surge in large transactions in a signal day is comparatively higher than Ethereum’s, indicating that whales might be in the mood to pump ADA, as it has been struggling near the support level of $0.33 level, since July 2024.</p>   
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>   
<p>Following the whales' activity, ADA has experienced a price jump of 4.35%. However, at press time, it is trading near $0.333 and is currently up by 1.25% in the last 24 hours. During the same period, its trading volume dropped by 11%, indicating lower participation among traders amid market uncertainty.</p>   
<h2 class="wp-block-heading" id="h-cardano-ada-technical-analysis-and-upcoming-level"><strong>Cardano (ADA) Technical Analysis and Upcoming Level</strong></h2>   
<p>Despite the whales’ bullish activity, ADA still appears bearish according to expert technical. It has been in a downtrend since April 2024, as has been it trading below the 200 <a href="https://coinpedia.org/traders/exponential-moving-average-ema/" target="_blank" rel="noreferrer noopener">Exponential Moving Average</a> (EMA) on a daily time frame. The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an uptrend or downtrend.&nbsp;</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/18021119/ADAUSDT_2024-09-18_02-10-31.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/18021119/ADAUSDT_2024-09-18_02-10-31-1024x448.png" alt="" class="wp-image-351821"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>Based on the <a href="https://coinpedia.org/price-prediction/cardano-price-prediction/" target="_blank" rel="noreferrer noopener">ADA’s price</a> momentum, if it closes a weekly candle above the $0.35 level, there is a high possibility it could soar by 30% to the $0.45 level, to its next resistance level.</p>   
<h3 class="wp-block-heading" id="h-bullish-on-chain-metrics-nbsp"><strong>Bullish On-chain Metrics&nbsp;</strong></h3>   
<p>However, the on-chain metrics support whales' bullish sentiment. Currently, <a href="https://www.coinglass.com/currencies/ADA" target="_blank" rel="noreferrer noopener nofollow">Coinglass’s</a> ADA’s Long/Short ratio stands at 1.02, indicating bullish market sentiment among traders. Additionally, ADA’s future open interest has also increased by 2.7% in the last 24 hours, revealing growing interest among traders amid ongoing struggling phase.&nbsp;</p>   
<p>Also Read: <a href="https://coinpedia.org/price-analysis/bitcoin-news-as-btc-price-hits-60k-will-fomc-meeting-drive-a-10-jump/" target="_blank" rel="noreferrer noopener">Bitcoin News: As BTC Price Hits $60K,&nbsp;Will FOMC Meeting Drive A 10% Jump?</a></p>

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