Although Cardano (ADA) hasn’t performed well since the start of April losing support above $0.40, Cardano whales have been engaging in ‘a shopping spree’ over the past two weeks.
Indeed, Cardano whales (large holders) have been engaging heavily in the market over the past two weeks. These whales have acquired a total of 560 million ADA tokens, amounting to a $218.4 million in value, according to recent insights provided by cryptocurrency trading expert, Ali Martinez, on April 10.
This trend suggests that Cardano is becoming increasingly attractive to institutional investors and high net worth individuals.
The buying spree also indicates that these investors have a strong bullish sentiment towards the cryptocurrency, which has been gaining popularity as a competitor to Ethereum (ETH) and other major players in the market.
Cardano price analysis
However, despite the so-called ‘buying spree’, the price of ADA hasn’t experienced an upward trajectory as a result of this surge in demand. Yet whales have taken advantage of the recent price drop to expand their cryptocurrency holdings using the “buy the dip” strategy.
Currently, Cardano is priced at $0.3873, down 0.58% in the last 24 hours and further losses of 2.13% across the previous week. As things stand, ADA has a support level of $0.36248 and faces significant resistance at $0.41413.
ADA has a total market worth of $13.4 billion reclaiming the seventh spot of the most valuable digital asset from Dogecoin (DOGE) whose price has since collapsed since Elon Musk removed the dog meme coin from the Twitter (NYSE: TWTR) logo.
ADA’s technical analysis (TA) on TradingView’s 1-day gauges are bullish despite the price decline; its summary aligns with the ‘buy’ sentiment at 13, resulting from oscillators pointing at ‘neutral’ at 9 and moving averages (MA) indicating a ‘strong buy’ at 12.
Notably, Cardano was named as one of Finbold’s cryptocurrencies to watch for the week of April 10, 2023 with the updated roadmap for Hydra, a layer-2 scalability solution, has put ADA back in focus, providing developers with a means to increase transaction speed and lower costs on the network.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.