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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

ADA In The Spotlight: Heavyweight Investors Pile Into Cardano, What’s Next?

Samuel Edyme
Samuel Edyme
1 year ago
4 mins read
Cardano (ADA)

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Cardano (ADA) has recently caught the attention of large-scale investors, also known as ‘whales.’ Crypto analyst Ali, leveraging on-chain data, has observed a significant uptick in large ADA transactions, typically over $100,000, in the past three months.

Ali noted that this growing trend suggests a heightened interest from institutional players and high-net-worth individuals in ADA. The analyst further disclosed that such whale activities have often been precursors of imminent price movements.

#Cardano | In the last three months, there’s been a significant increase in $ADA transactions over $100,000, reaching new highs consistently.

This surge points to growing interest in #ADA from institutional players and whales, which is usually a precursor to price spikes. pic.twitter.com/APczM2PGxM

— Ali (@ali_charts) December 4, 2023

Notably, while transactions can significantly impact a crypto’s market dynamics, when whales accumulate an asset, it often reduces circulating supply, creating potential upward pressure on prices.

Conversely, when they sell, it can result in a sudden increase in supply, leading to price drops. In ADA’s case, the recent whale activities have coincided with a positive price trajectory.

ADA Bullish Trajectory And Market Outlook

ADA’s market performance has mirrored the growing whale interest. In the last 24 hours alone, the crypto asset has experienced a 2.2% increase, and over 5% in the past week.

Cardano (ADA) price chart on Tradingview
Cardano (ADA) price is moving sideways on the 4-hour chart. Source: ADA/USDT on TradingView.com

Although ADA has seen some retracement from its recently achieved peak above the $0.41 mark, it currently maintains a steady position in the $0.40 zone. This bullish trend is further supported by a surge in ADA’s trading volume, which has doubled from $250 million to over $500 million in a week.

This increase in trading activity and price aligns with the predictions of another analyst, Dan Gambardello. Gambardello has identified bullish setups in Bitcoin, Ethereum, and ADA, projecting that ADA could climb to $0.45 in the short term, with a longer-term target of $0.80-$0.85.

The analyst attributes his optimistic forecast to the growth and resilience of the Cardano ecosystem, even amid the recent broader market’s bearish trends.

GROUNDBREAKING MOMENT: Bitcoin, Cardano, Ethereum Setup For BULL MARKET https://t.co/cPfZzIVCxh

— Dan Gambardello (@cryptorecruitr) December 4, 2023

Recent data from DeFiLlama reveals a notable uptick in Cardano’s ecosystem, with its Total Value Locked (TVL) experiencing over 20% growth in the past month, currently standing at $275 million.

Cardano (ADA) total value locked (TVL).
Cardano (ADA) total value locked (TVL) in the past year. | Source: Defillama

Although this figure is below its March 2022 peak of over $300 million, the ecosystem’s approach toward this previous high point reflects its resilience, as indicated by Gambardello amid the recent bearish market sentiments.

Cardano’s Ecosystem: A Catalyst For Future Growth?

Gambardello’s enthusiasm for Cardano extends beyond its current market performance. The analyst believes that the Cardano ecosystem’s development during the bear cycle positions it for significant growth in the future.

Gambardello predicts that Cardano could soon account for 1% of the total crypto market capitalization. Such a milestone would be a testament to the asset’s ecosystem robustness and innovation, potentially leading to ADA’s substantial rise in the next bull run.

Notably, Gambardello isn’t the only analyst predicting a bullish future for ADA. In a recent post on X, Ali highlighted ADA’s presence in a crucial demand zone. The analyst pointed out that the price levels around $0.37 to $0.38 have seen substantial buying activity, with over 166,470 wallets acquiring ADA in this range.

#Cardano sits at a key demand zone between $0.37 and $0.38. Here, 166,470 wallets acquired 4.88 billion $ADA.

With minimal resistance ahead and solid support below, remaining above this zone could pave the way for $ADA to climb to new yearly highs. Still, watch out, as losing… pic.twitter.com/GDjhspFSVr

— Ali (@ali_charts) November 27, 2023

Ali interprets this strong buying interest as an indication of a solid support level for ADA. According to his analysis, ADA is poised for an uptrend with little resistance ahead, potentially exceeding its yearly high of $0.4518.

Related Reading

Cardano (ADA)

On The Brink Of Breakthrough? Analyst Foresees Cardano (ADA) Hitting New Annual Heights

1 year ago

Despite ADA recently surpassing and seemingly respecting these key demand zones, its price has only reached a peak of $0.41 so far, not quite breaching the $0.45 mark.

However, given the surge in whale activity and the bullish sentiment enveloping the global crypto market, reaching and possibly surpassing the yearly high remains a plausible outcome.

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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