Over the past few days, the price of ADA has experienced a noteworthy recovery rally, indicating an imminent significant shift. Additionally, ADA holders have switched their attention to long-term objectives, given that the development team is actively implementing more network upgrades. Consequently, there has been a significant increase in whale accumulation, suggesting a bullish move ahead and enticing other investors to delve deeper into the Cardano blockchain. The on-chain trend highlights the growing confidence in Cardano’s future prospects, as investors are increasingly optimistic about the project’s ability to deliver long-term value.
Whales Accumulate 560 Million ADA tokens In Two Weeks
Large holders, or whales, on Cardano, appear to be making bold moves. These whales are well-known for taking advantage of market dips or consolidation to amass crypto assets at a lower cost, and it appears that they are doing the same for Cardano.
According to on-chain data by IntoTheBlock, large holders of Cardano acquired 560 million ADA in the previous fortnight, with a total value of $218.4 million. According to data, the accumulation spree that began on March 26, 2023, gained momentum on April 5, 2023. The data further indicates that the whale made several transactions, adding hundreds of ADA tokens to their holdings.
The combined holdings of whale addresses have increased to $1.16 billion through the accumulation efforts. Additionally, Cardano transactions exceeding $100,000 in value have experienced a rise, reaching an estimated total worth of approximately $13.61 billion.
It seems that Cardano builder IOHK’s latest updates triggered the whale accumulation. Input Output Global has published its latest weekly report detailing the blockchain’s recent progress and achievements. The Cardano ledger team is hinting at the Conway release, while the Hydra team is actively working on Hydra node mainnet compatibility, preparing for its release.
ADA Price To Turn Bullish Above This Level
The bulls are preventing Cardano from dropping below the 20-day EMA at $0.37, demonstrating demand at lower levels. The rising 20-day EMA and the RSI in the positive zone indicate that ADA price may soon head toward the North. Cardano price may ascend to the neckline of the inverse head-and-shoulders pattern.
A break and close above the resistance point will suggest a possible shift in trend. Following this, the ADA price can potentially surge toward the bullish target of $0.60.
As of writing, the ADA token is trading at $0.387, declining over 0.5% in the last 24 hours. Analyzing the 4-hour price chart, ADA price may climb above the 23.6% Fib level and touch the much-anticipated level of $0.4. However, a breakout above its triangle pattern is necessary for validating a bullish analysis.
On the bearish side, if ADA price drops below the EMA-50 trend line at $0.36, it may witness a downward correction and take support near $0.345.
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