0
0
As whales enter the market, the price of Cardano is up 17.5% on December 14 to trade at $0.655, beating all other popular non-stablecoin cryptocurrencies.
Other top-capped layer 1 tokens had equally impressive performances: Avalanche saw 9% gains to trade at $38 and Solana (SOL) saw a 10% increase to trade at $71.
The latest increase in the price of ADA is said to be the result of more whale activity on the blockchain.
The recent increase in big transactions that have crossed the $1.5 billion threshold, as reported by data from the on-chain analytics tool IntoTheBlock, is indicative of the increased interest in whales on the Cardano network.
According to CoinMarketCap data, the significant increase in whale transactions—which are usually priced at least $100,000 each—has driven the total volume up 78% to $2.02 billion.
Data from the cryptocurrency market analytics company Santiment, which demonstrated that ADA’s trading volume increased in lockstep with the price over the previous day from $1.22 billion to $2.02 billion, supports this.
On the weekly chart, the price of ADA is currently in its ninth consecutive bullish session, indicating a strong uptrend.
The psychological level at $1.0 and the $$0.84 barrier level are the levels to monitor for the upside if Cardano moves higher from its current price.
The $1.17 supplier congestion zone, which was flipped from support during the 2022 bad market, is another important level to keep an eye on.
Recall that in July 2021, ADA recovered from this level and posted gains of almost 170%, reaching all-time highs of over $3.16. Bulls may be strengthened to scale Cardano higher if they are able to push it past this point.
Cardano’s optimistic view is reinforced by the relative strength index’s (RSI) increasing trend. The fact that it was at 84 in the overbought area indicated how powerful the ADA’s uptrend was.
Furthermore, it can be seen from the same weekly chart that Cardano is well supported. The key moving averages all fall between $0.388 and $0.490, which is where the cryptocurrency finds quick support.
Within the $0.140 and $0.410 demand zone, which served as a launchpad for purchasers in early 2021, Cardano may find its strongest support. Cardano then surged $1649 to reach a swing high of $2.50.
In the event that the ADA corrects and slips back into this demand zone, this makes it a crucial level to monitor on the downside.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Always conduct your research before making any financial decisions.
