Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Cardano (ADA) started the year recovering the key $1 support zone, which has propelled its price to weekly highs. The bullish momentum has attracted whales, while some crypto analysts believe that ADA\u2019s rally is around the corner. Related Reading: Crypto Trader Makes $21 Million From AI Agent Token As Sectors Faces Backlash Cardano Whales Fill Their Bags In November, Cardano surged to the $1 mark for the first time in over two years, leading the crypto market after the post-election rally. However, the cryptocurrency faced one of its largest one-day retraces amid the December corrections, losing key support and dropping below $0.8. Cardano whales took advantage of the end-of-year pullback, acquiring 160 million ADA at a discount. Despite large investors betting on ADA, some market watchers pointed out that market sentiment surrounding the cryptocurrency had turned bearish. However, ADA has experienced the New Year rally, increasing 27% in the past week, fueled by the market\u2019s recovery and Bitcoin\u2019s jump to the $100,000 mark. Cardano surged from its $0.84-$0.90 price range as the new year started, reclaiming the $1 mark by January 3. Since then, the cryptocurrency has moved within the $1.05-$1.11 range, recovering its levels before the December corrections. Crypto analyst Ali Martinez noted that Cardano whales have been loading their bag again, with over 10 million ADA in the last 24 hours, potentially signaling strong sentiment from large-scale investors on the cryptocurrency. Similarly, whales bought over 40 million ADA in 48 hours as Cardano\u2019s price surged past $1. ADA Attempts Breakout As Bitcoin (BTC) held above $100,000 again, ADA\u2019s price attempted to break from a short-term bullish pattern. According to Cardano trader Sebastian, the cryptocurrency tried breaking out of a bullish pennant after hitting the $1.15 resistance level on Tuesday morning. Moreover, Sebastian noted that ADA was \u201ctrying to flip a very important resistance area into support on the ADA\/BTC chart.\u201d Per the chart, this horizontal level was a key resistance level that led to the early 2024 highs after being turned into support. \u201cA breakout to the upside from here could really send ADA to the bull market doors,\u201d the investor noted. Crypto analyst Dan Gambardello, founder of Crypto Capital Venture,\u00a0shared a bullish outlook for Cardano\u2019s future price action after Grayscale added the cryptocurrency to its Digital Large Cap Fund (GDLC). As reported by NewsBTC, Grayscale liquidated all its ADA holdings from GDLC in April, which accounted for 1.62% of the fund\u2019s portfolio. This move saw Cardano\u2019s price drop by 12% and received heavy criticism for its \u201clacking\u201d performance. \u00a0After yesterday\u2019s news, Gambardello claimed that \u201cthe ADA wave is coming.\u201d Related Reading: Shiba Inu Builds Momentum: \u2018Monster\u2019 Price Move Coming\u2014Analyst Nonetheless, Cardano\u2019s rally has been momentarily halted as BTC\u2019s latest price drop dragged ADA and the rest of the market down. Bitcoin just saw a sharp 4% drop to the $97,000 support zone, sending ADA 8% down. The cryptocurrency dipped from the $1.11 mark to the $1.02 range before recovering. Despite the drop, Cardano remains above the key support zone and above December correction levels, showing green numbers in most mid and long-term timeframes. As of this writing, ADA is trading at $1.03, a 5.8% decrease in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":608992,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[12333,79508,428,1119,12332,87492,90744,93877,93167,89756,85279,92018,7523],"class_list":["post-672245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ada","tag-adausdt","tag-bitcoin","tag-btc","tag-cardano","tag-cardano-community","tag-cardano-whale","tag-crypto-anlayst","tag-crypto-investor","tag-crypto-trader","tag-crypto-whale","tag-gdlc-fund","tag-grayscale"],"acf":[],"yoast_head":"\n
Cardano Whales Go On Buying Spree As Price Attempts Breakout<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n