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July 18, 2024
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Cardano Aims for $0.6 as Whale Interest Spikes: Will Bulls Hold the ADA Price?

The post Cardano Aims for $0.6 as Whale Interest Spikes: Will Bulls Hold the ADA Price? appeared first on Coinpedia Fintech News

Cardano’s price remains confined to a narrow trading range after several unsuccessful attempts by bulls to trigger a bullish rebound. While Bitcoin’s price surges past the $70,000 mark, gaining momentum, the altcoin market has not displayed any promising signs. This has led to a consolidation in ADA’s price. Nonetheless, analysts are bullish about a potential rebound as on-chain data indicates a significant increase in whale activity, which could soon follow ADA’s buying demand. 

ADA’s Whale Transaction Jumps By 50%

In the past 24 hours, there has been a noticeable increase in bullish positions being liquidated for ADA. Data from Coinglass shows that Cardano saw a total liquidation close to $39K, with bulls liquidating approximately $36K in long positions.

Despite the bearish momentum for ADA’s price, smart whales are taking this as an opportunity to accumulate more ADA. Data from IntoTheBlock indicates a growing interest among whales for ADA, with the large transactions metric soaring from a low of 3790 to 5820 within a week, marking a significant 53% increase.

Santiment’s data reveals that this week, the volume of ADA transactions exceeding $100,000 has doubled compared to the typical averages observed in 2024. This might strengthen the buying pressure for ADA price in the coming days.

However, the current consolidation in the ADA price is not unusual. Historically, ADA has frequently seen longer periods of consolidation. In late 2019, Cardano maintained a trading range from $0.35 to $0.45 for approximately three months before experiencing a rally in January 2020.

Also read: Cardano Set to Collab With Elon Musk? Founder Hoskinson Drops Exciting Hint

Recently, ADA’s price remained between $0.25 and $0.30 for most of last summer before an October rally led to notable price movements. Meanwhile, the Cardano Foundation has expanded its mainstream presence through a new partnership with Argentina, pushing the buying demand. This collaboration was executed with signatures from Governor Rogelio Frigerio and Cardano’s Rafael Fraga, focusing on advancing blockchain adoption in the region.

What’s Next For ADA Price?

Cardano recently saw a surge and headed toward the $0.46 at EMA200 level on the 4-hour price chart. However, bulls failed to hold their momentum as the price faced a surge in bearish pressure, resulting in the current consolidation. As of writing, ADA price trades at $0.46, surging over 0.15% in the last 24 hours.

If ADA’s price recovers from $0.46 and surpasses the 200-day EMA, it could indicate the end of the current consolidation. In this scenario, the ADA/USDT trading pair could ascend towards the 50-day SMA, priced at $0.51, and possibly advance to $0.6.

However, if the price drops below immediate Fib channels and breaches the $0.44 mark at the ascending support line, it would affirm the bear’s control. This could lead the pair to descend to the vital support level at $0.40, and a further decline below this could confirm a continuation of the bearish trend.

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