{"id":530287,"date":"2023-05-07T06:00:00","date_gmt":"2023-05-07T06:00:00","guid":{"rendered":"https:\/\/uniquehot.com\/?p=530287"},"modified":"2023-05-07T04:52:45","modified_gmt":"2023-05-07T04:52:45","slug":"cardano-whales-accumulating-why-is-ada-bearish","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/cardano\/cardano-whales-accumulating-why-is-ada-bearish\/","title":{"rendered":"Cardano Whales Accumulating &#8211; Why Is ADA Bearish?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Despite a massive Cardano whale accumulation, ADA, its native currency, remains bearish, prompting questions about the strength of the underlying fundamentals and whether the leg up of Q1 2023 is over.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">ADA&#8217;s volatility has been dropping in recent weeks despite a slew of positive developments, mainly from on-chain data.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/cardano-tvl-climbs-by-10\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Cardano TVL Climbs By 10% In A Day \u2013 Is ADA Set To Soar Once Again?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">As an illustration, the coin is down roughly 20% from April peaks and retesting a local support zone of around $0.38.<\/span><\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/nk6FF3mS\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/nk6FF3mS\/\" alt=\"Cardano Price On May 6| Source: ADAUSDT On Binance, TradingView\" width=\"1280\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">Cardano Price On May 6| Source: <a href=\"https:\/\/www.tradingview.com\/x\/nk6FF3mS\/\" target=\"_blank\" rel=\"noopener nofollow\">ADAUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">Whales Doubling Down, Activity Rising In Cardano<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Still, even in these market conditions, there are signs that ADA whales are accumulating in the ecosystem. Although the reason for the swarm is unclear, according to\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/app.intotheblock.com\/coin\/ADA\/deep-dive?group=financials&amp;chart=largeTransactions\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">IntoTheBlock<\/span><\/a><span data-preserver-spaces=\"true\">, large transactions worth over $100,000 have been made over the past 24 hours, worth around $10 billion. The bulk sale of this size stands at $20 billion in the past week.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Moreover, data also shows that &#8220;large holders&#8221; control 35% of ADA&#8217;s total supply. These entities act as a proxy to institutional players&#8217; and whale activities, showing how they may be investing and positioning.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While it is unclear what knowledge the Cardano whales have, their activities suggest that they are buying the dip. This is considering that ADA is still down around 87% from 2021 peaks.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Besides whales buying in bulk, Cardano&#8217;s ecosystem is showing promising signs, with the blockchain remaining one of the most highly developed and used.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/embed.santiment.net\/chart?ps=cardano&amp;pt=ADA&amp;df=2023-01-27T00%3A00%3A00.000Z&amp;emcg=1&amp;wm=price_usd%3Btransaction_volume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">Santiment<\/span><\/a><span data-preserver-spaces=\"true\">, 2.15 billion transactions were processed on Cardano. Typically, active networks, in both development and use, point to quality and confidence. The more there are projects and addresses, the higher the odds of the platform&#8217;s coin finding support.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The spike in activity over the past few months, even with the general market lull, could be due to various non-fungible token (NFT) and decentralized finance (DeFi) projects launching. Djed, an algorithmic stablecoin, is already live on the mainnet. DeFi and NFT projects look to take advantage of Cardano&#8217;s EUTXO model. This system mirrors how Bitcoin functions but adds a layer of smart contracting, just like Ethereum.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, one of the main developments of Cardano in recent days is the release of the first Hydra Head on the mainnet. This layer-2 scaling solution uses state channels that extend the concept of payment channels. This technology can drive growth, possibly supporting ADA prices in the long haul.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/cardano\/cardano-launches-first-hydra-head-for-l2-scaling-but-why-is-ada-dropping\/\" target=\"_blank\" rel=\"noopener \">Cardano Launches First Hydra Head For L2 Scaling, But Why Is ADA Dropping?<\/a><\/div>\n<h2><span data-preserver-spaces=\"true\">ADA Remains Bullish<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Even with the recent contraction, Cardano&#8217;s long-term prospects look good. Presently, whales appear to be accumulating, adding over 150 million ADA in just one month.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">With big players bullish on the coin, doubling down on dips, ADA prices could recover. In the medium term, the ceiling remains at $0.46, marking April 2023 highs.<\/span><\/p>\n<div class=\"disclaimer-shortcode\"><em>-Featured Image From Canva, Chart From TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Despite a massive Cardano whale accumulation, ADA, its native currency, remains bearish, prompting questions about the strength of the underlying fundamentals and whether the leg up of Q1 2023 is over. ADA&#8217;s volatility has been dropping in recent weeks despite a slew of positive developments, mainly from on-chain data.\u00a0 Related Reading: Cardano TVL Climbs By 10% In A Day \u2013 Is ADA Set To Soar Once Again? As an illustration, the coin is down roughly 20% from April peaks and retesting a local support zone of around $0.38. Whales Doubling Down, Activity Rising In Cardano Still, even in these market conditions, there are signs that ADA whales are accumulating in the ecosystem. Although the reason for the swarm is unclear, according to\u00a0IntoTheBlock, large transactions worth over $100,000 have been made over the past 24 hours, worth around $10 billion. The bulk sale of this size stands at $20 billion in the past week. Moreover, data also shows that &#8220;large holders&#8221; control 35% of ADA&#8217;s total supply. These entities act as a proxy to institutional players&#8217; and whale activities, showing how they may be investing and positioning. While it is unclear what knowledge the Cardano whales have, their activities suggest that they are buying the dip. This is considering that ADA is still down around 87% from 2021 peaks.\u00a0 Besides whales buying in bulk, Cardano&#8217;s ecosystem is showing promising signs, with the blockchain remaining one of the most highly developed and used.\u00a0 According to\u00a0Santiment, 2.15 billion transactions were processed on Cardano. Typically, active networks, in both development and use, point to quality and confidence. The more there are projects and addresses, the higher the odds of the platform&#8217;s coin finding support. The spike in activity over the past few months, even with the general market lull, could be due to various non-fungible token (NFT) and decentralized finance (DeFi) projects launching. Djed, an algorithmic stablecoin, is already live on the mainnet. DeFi and NFT projects look to take advantage of Cardano&#8217;s EUTXO model. This system mirrors how Bitcoin functions but adds a layer of smart contracting, just like Ethereum. However, one of the main developments of Cardano in recent days is the release of the first Hydra Head on the mainnet. This layer-2 scaling solution uses state channels that extend the concept of payment channels. This technology can drive growth, possibly supporting ADA prices in the long haul. Related Reading: Cardano Launches First Hydra Head For L2 Scaling, But Why Is ADA Dropping? ADA Remains Bullish Even with the recent contraction, Cardano&#8217;s long-term prospects look good. Presently, whales appear to be accumulating, adding over 150 million ADA in just one month.\u00a0 With big players bullish on the coin, doubling down on dips, ADA prices could recover. In the medium term, the ceiling remains at $0.46, marking April 2023 highs. -Featured Image From Canva, Chart From TradingView<\/p>\n","protected":false},"author":384,"featured_media":530288,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,428,12332,88229,12329,87759,1946,88228],"class_list":["post-530287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-bitcoin","tag-cardano","tag-cardano-bears","tag-cardano-price","tag-djed","tag-ethereum","tag-hydra-head"],"acf":[],"yoast_head":"\n<title>Cardano Whales Accumulating - Why Is ADA Bearish?<\/title>\n<meta name=\"description\" content=\"ADA prices are falling, dropping roughly 20% from April highs despite a slew of bullish developments on Cardano.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/cardano\/cardano-whales-accumulating-why-is-ada-bearish\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cardano Whales Accumulating - Why Is ADA Bearish?\" \/>\n<meta property=\"og:description\" content=\"ADA prices are falling, dropping roughly 20% from April highs despite a slew of bullish developments on Cardano.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/cardano\/cardano-whales-accumulating-why-is-ada-bearish\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-07T06:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-07T04:52:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/Cardano-ADA-Whales-Accumulating.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1380\" \/>\n\t<meta property=\"og:image:height\" content=\"780\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dalmas Ngetich\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Dalmas_Ngetich\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dalmas Ngetich\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/cardano\/cardano-whales-accumulating-why-is-ada-bearish\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/cardano\/cardano-whales-accumulating-why-is-ada-bearish\/\"},\"author\":{\"name\":\"Dalmas Ngetich\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/08a2c46e8c02b51b9464d6e0bf2b1586\"},\"headline\":\"Cardano Whales Accumulating &#8211; 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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