Cardano (ADA) is once again in the headlines in the Cryptocurrency Market, as a large amount of ADA Token has been purchased by Whale Investors in April. According to the data, Whale Wallets has deposited total 420 million ADA Token, which has a current value of about $ 289 million (₹ 2,400 crore).
At the same time, according to the report of Santime, these are whale wallets that range from 10 million to 100 million ADA. The total holding of these investors has increased from 12.47 billion to 12.89 billion ADA. It is clear from this that whales are seeing long-term possibilities in Cardano.
However, despite such a huge purchase Ada value The last five weeks have not been able to cross the main level of $ 0.70. Currently, the token is trading around $ 0.68, which is slightly below the previous $ 0.70 support level.
Cardano Whales did not have a price breakout even after big purchases
Although a large purchase has been done by Whale Investors, Ada Value has not been able to cross the important resistance level of $ 0.70. Currently, Cardano is trading at $ 0.68 and has been trapped in a tight range for the last five weeks. At the same time, ADA had recently touched the level of $ 0.74, but immediately fell back to $ 0.68. If the token breaks out stronger than $ 0.74, it is possible to rise up to $ 0.80.
What do technical indicators say
According to TradingView’s data, ADA’s Relative Power Index (RSI) is currently in the positive zone and is at the highest level in the last two months. This indicates that the bing pressure in the market is increasing and the trend may turn at any time.
If the price falls below $ 0.66, it can go up to $ 0.60, which can increase the concerns of investors and also weaken the expectations of speed. At the same time, a big statement recently increased expectations of investors and users, in which Cardano Founder said, ADA can cross $ 10 markBut still it is important to pay attention to its technical analysis.
Cardano Whale’s purchase long-term signals
The frequent purchases of Cardano Whales show that they have faith in the long-term price of ADA. Whale activity often indicates changing trends in the crypto market and other investors also take decisions on this basis.
This shopping is happening at a time when there is uncertainty in the entire crypto market. If whale investors are adding Ada Coin to their portfolio, this may be a sign that Cardano may soon accelerate.
Conclusion
The growing interest of whale investors for Cardano is a positive signal, but only their purchases to move the price up are not enough. Rather, there is also a need for Strong Mahentum and Faith in the market. If the ADA goes above $ 0.74 in the coming weeks, it can begin a new fast and if it does not, it can be trapped in the token tight range.
