Cardano Price and Whale Activity Update
Cardano (ADA) is trading around $0.66 on Tuesday. It dropped after failing to pass a key resistance level the day before. On-chain data shows that large holders, known as whales, are buying more ADA. This buildup has raised hopes for a possible price breakout. Technical indicators also suggest that bearish momentum is weakening, which could lead to a rise in price.
Whales Accumulate Cardano
Data from Santiment reveals strong buying activity from Cardano whales during recent price dips. Whales holding between 1 million and 10 million ADA, and those holding between 10 million and 100 million ADA, gained a total of 100 million tokens from October 15 to Tuesday. Meanwhile, smaller whales holding 100,000 to 1 million ADA sold about 30 million tokens during the same period.
This suggests that the smaller group may have sold off their holdings in a panic. In contrast, larger whales took advantage of the lower prices to increase their ADA positions.
CryptoQuant data also shows large buy orders from whales in both spot and futures markets. This supports a bullish outlook for Cardano’s price.
Cardano Price Outlook
Cardano’s price was rejected near the 61.8% Fibonacci retracement level at $0.69 on Monday, close to a key resistance at $0.70. Currently, ADA trades near $0.66. If the price breaks and closes above $0.70 on a daily chart, it may rally toward the next resistance at $0.84.
The Relative Strength Index (RSI) is near 43 and is rising toward the neutral 50 level. This indicates that bearish pressure is fading. The Moving Average Convergence Divergence (MACD) showed a bullish crossover on Sunday. This is a buy signal and supports the chance of a price increase.
If the price falls, Cardano could drop to the 50% Fibonacci retracement level at $0.61.
