Crypto Whales Boosting Cardano’s Market Value, Signals Bullish Trend

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In the ever-evolving world of cryptocurrencies, Cardano (ADA) finds itself back in focus as data reveals an optimistic trend among the crypto whale community — those investors who hold between 100 million and 1 billion ADA tokens. This upswing of confidence, reinstating the bullish sentiment, portends a potential price surge for ADA, promising to make eminent waves in the currency’s trade value.

Market intelligence platform IntoTheBlock’s latest data divulges that these whales have added to their balances by an impressive 11% in recent days. With this buying spree, these high-stakes investors now command 6.71% of Cardano’s total supply, setting the stage for a potential price rall.

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Such a bearish push from these mammoth investors generally triggers a ripple effect — to a rally in the price of a crypto token, in this case, ADA. These noteworthy purchases represent buying power so immense that it can significantly impact Cardano’s market value.

For not only the whales but retail investors too, ADA seems to be the lustrous nugget. IntoTheBlock data establishes a bullish imbalance in the bid-ask volume for ADA. The ‘In The Money’ metric also favors the crypto-token, signaling that the majority of the investors are reaping profits from their venture into Cardano’s digital coffers.

The renewed confidence in Cardano doesn’t end here. DeFiLlama’s data suggests that the Total Value Locked (TVL) on the network has swelled by over 5% in the past week. This increase complements the amplified Cardano’s trading volume, showcasing an active user base, thriving in the Cardano ecosystem.

At present, ADA is trading at $0.482.

The World of Charts, a renowned crypto analyst, anticipates a significant rally for Cardano. Citing the crypto token’s confirmed breakout, the analyst projects Cardano’s price to elevate to $1 in the ensuing weeks. Another noted analyst, Trend Rider, echoes this optimism. Highlighting ADA’s recent bullish rebound, he expects the crypto token to scale above $0.5 in the near future. For a bullish continuation, Trend Rider insists on maintaining Cardano above the $0.51 threshold on the weekly chart, marking the end of the price correction phase.

Adding to the chorus, Dan Gambardello, Crypto Capital Venture’s founder, also has a favorable outlook on Cardano’s future trajectory. He attributes Cardano’s current rise to the break of its 20-day moving average, branding it a ‘nice sign’ for ADA’s future. He sees the recent crossing of the 50-day moving average (MA) over the 200-day MA as an indicator that the bottom for Cardano is past and points to it as the start of an ascendant trend. This crossroad, known as a Golden Cross, often heralds an oncoming bull market.