Cardano’s Price Consolidation Signals Potential Rebound
Cardano’s price has been steady around $0.70 this week. Though, there are signs of a possible price surge. Whales are buying more ADA, which could push the price up soon.
Whales, or large investors, are buying more Cardano tokens. According to Santiment data, the number of ADA tokens held by mid-sized whales has risen to 12.8 billion. This is up from 12 billion in January. Big whales, holding between 100 million and 1 billion ADA, have also increased their holdings. they now hold 3.14 billion ADA, up from 2.6 billion in march. This trend suggests that big investors see value in Cardano. They believe the price will rise in the coming weeks.Retail investors are also showing interest. In the last 30 days, they’ve added 307 million ADA, worth $215 million. This activity hints at a bullish outlook. These investors think cardano’s price will rise.
There are three main reasons for this optimism. First, Bitcoin’s price is expected to rise.If Bitcoin goes up, other altcoins like Cardano may follow.Second, there’s a chance the SEC might approve a Cardano ETF. this could bring in more institutional investors. Lastly, Cardano’s integration with Bitcoin could boost its use in decentralized finance.
Cardano’s price is currently at a key level. It’s near the 50-day and 100-day EMA. The coin is also close to the top of a falling wedge pattern. If it breaks out, the price could reach $1.176. This would be a notable gain from the current price.
Cardano’s price is stable. But whale activity and technical signs suggest a possible price rise. investors should watch these trends closely.
