A company that is changing the way the world mines bitcoin

NewsBTC 2025-01-05 08:00:00

Cardano Price Witnesses Bullish Resurgence With 26% Rally — Here’s The Likely Catalyst

The Cardano price has been in red-hot form over the past few days, making a highly anticipated return to above $1 on Friday. This recent bullish momentum made ADA the best-performing asset among the top 10 largest cryptocurrencies in the past week. While this burst of positive price action could be linked to the improving climate of the altcoin market, it appears that the increased activity of large holders (whales) is responsible for the latest price surge. Here’s how much the ADA whales bought in recent days. Cardano Whales Purchase 40 Million ADA In 2 Days Prominent crypto analyst Ali Martinez revealed in a new post on the X platform that the Cardano whales have become increasingly active in the market over the last few days. This on-chain observation is based on the increase in the holdings of investors who own between 10 million and 100 million coins. Related Reading: Analyst Says Dogecoin Price Can Break To $0.48, But This Needs To Happen First The investor cohort under review is a class of whales, which refers to entities that wield significant influence over the market due to the amount of cryptocurrencies they own. Many investors pay attention to this class of large holders, as the market often reacts to their movement. According to data from Santiment, Cardano whales acquired more than 40 million ADA tokens (worth about $42.8 million at the current market value) in 48 hours. This level of buying activity highlights the strong faith in the asset’s promise despite the sluggish market climate. As seen with the price action over the past few days, increased whale activity can have a positive impact on the price of Cardano. Hence, sustained buying activity could see the altcoin’s price to its highs of early December 2024. What Next For Cardano Price? As of this writing, the Cardano price sits just above the $1 mark, reflecting a nearly 2% decline in the past 24 hours. However, this negative performance has barely impacted the altcoin’s weekly gain, which currently stands at around 26%. In another post on X, Martinez revealed that the Cardano price is playing out like it did in the previous cycle. During the last bull cycle, the ADA token grew exponentially in less than a year, reaching the current all-time high price of $3.09. Related Reading: XRP Price Prediction To $4.9: How The 1-Day 50 MA Will Drive The Next Wave The analyst believes that if the altcoin follows the recent historical pattern, a move to $4 could be imminent. However, from the highlighted chart, the Cardano price might travel as high as $6 before hitting a major roadblock. Featured image from Solodev, chart from TradingView

La maggior parte ha letto le notizie

US Government Estimates Do Kwon’s Victim Coun...
2025-01-08
Market Trends Revealed: Solana and Chiliz Fac...
2025-01-08
Departing Gary Gensler: Crypto is ‘rife with...
2025-01-08
Investigators to Search Through Do Kwon’s Per...
2025-01-08
Gensler Says SEC Has More Work to Do on Crypt...
2025-01-08
AI Can Help a Long Tail of Micro Companies to...
2025-01-08
Don't Buy The Bitcoin Dip
2025-01-08
Bitcoin Dips Below $93,000 Amid Inflation Con...
2025-01-08

Notizie correlate

9 NVIDIA Announcements From CES 2025 And Their Imp...
08 Jan 2025
Pyth Network and Revolut Explore Opportunities in...
08 Jan 2025
Fed Decides to Slow Rate Cuts as Bitcoin Plunges
08 Jan 2025
SEC Chair Gary Gensler Makes One Of His Last State...
08 Jan 2025
Binance Co-Founder Changpeng Zhao Applauds Bhutan’...
08 Jan 2025
CFTC chair’s final message includes a call for cry...
08 Jan 2025

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta