2024-04-30 16:00:14
Cardano Whales Accumulate $13B ADA Daily Amid 30% Dip – A Bull Rally Ahead?
Despite a recent 30% decline,
Cardano [ADA] whales are undeterred, continuing to amass the altcoin in significant quantities.
On-chain data provider IntoTheBlock reveals that ADA has seen an average of
$13.84 billion in large transactions daily, surpassing even Litecoin [LTC] and Dogecoin [DOGE].
Santiment's data adds to the intrigue, with a surge in
whale transactions exceeding $100,000. Could this signal a potential price reversal?
However, caution is warranted as ADA currently trades at
$0.45, below key moving averages. If these levels break with strong selling volume, it may confirm the downtrend.
The Relative Strength Index (RSI) sits at
35.67, suggesting potential oversold conditions if selling pressure persists.
Since April 1st, ADA has experienced double-digit losses, reflected in the negative values of the Elder-Ray Index.
Yet, hope lingers as a descending triangle forms – if sentiment shifts, ADA could find support at $0.45 and potentially rally to $0.49 and beyond.
For Cardano investors, all eyes remain on the charts as they navigate these choppy waters.
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