TLDR
- Cardano whales accumulated 130 million ADA during recent dip at $0.30 price level
- Price has rebounded strongly to $0.99, showing nearly 18.5% weekly gains
- 70% of ADA holders are currently in profit, with 71% being long-term holders
- Technical indicators show bullish momentum with RSI at 74.66
- Key resistance level at $1.00 with next major target at $1.05
Recent market data reveals substantial whale activity in Cardano markets, with large-scale buyers accumulating over 130 million ADA tokens during a recent price correction. The cryptocurrency, trading at $0.9898, has shown notable price strength with a 6.19% increase over the last 24 hours and an 18.47% weekly gain.
The accumulation phase began when prices dipped to approximately $0.30, establishing a new support level that has held steady. Trading volume has reached $3.11 billion in the past 24 hours, indicating active market participation across both retail and institutional segments.
Market data from cryptocurrency exchanges shows ADA’s seven-day trading range between $0.773 and $1.12. The token’s total market capitalization currently stands at $35.39 billion, with a circulating supply of 36 billion tokens.
#Cardano whales bought over 130 million $ADA during the recent price dip! pic.twitter.com/VHg93o3WP5
— Ali (@ali_charts) November 27, 2024
Technical analysis reveals strong buying pressure, with ADA maintaining position above the 20-day Simple Moving Average at $0.756. The Bollinger Bands indicator shows expanding volatility, suggesting potential for continued price movement as the asset approaches the $1.00 mark.
The Relative Strength Index (RSI) reading of 74.66 places ADA in overbought territory. While this typically suggests potential short-term resistance, sustained readings above 70 often indicate strong buyer conviction in bull markets.
On-chain metrics provide additional context to the price action. Data from IntoTheBlock reveals that 70% of ADA holders are currently profitable on their positions. More notably, 71% of holders have maintained their positions for over one year, suggesting a strong base of long-term investors.
Exchange flow data from Coinglass shows a net outflow of $2.82 million on November 27, 2024. This movement of tokens from exchanges to private wallets typically indicates accumulation rather than preparation for sales.
The MACD indicator presents a bullish crossover pattern, with the MACD line positioned above the signal line. The positive histogram confirms the upward momentum seen in price action.
Correlation metrics show ADA maintaining a 0.94 correlation with Bitcoin, indicating strong alignment with broader cryptocurrency market trends. This relationship often influences trading patterns and institutional allocation decisions.
Price support has formed near the $0.35 level following the whale accumulation phase. The next resistance zone lies between $0.36 and $0.38, with the psychological $1.00 level representing a key milestone for market participants.
The recent whale purchases occurred across multiple transactions, indicating coordinated accumulation rather than isolated large buys. This pattern often precedes sustained price movements in cryptocurrency markets.
Trading volume distribution shows balanced activity across major exchanges, reducing the risk of price manipulation through concentrated order flow. The volume spread suggests organic market interest rather than artificial price movement.
Order book data reveals stacked buy orders below current prices, particularly in the $0.90 to $0.95 range. This pricing structure provides technical support for current price levels.
Market depth analysis shows improving liquidity conditions, with bid-ask spreads tightening across major trading venues. This market structure development typically supports more stable price action.
The most recent data shows continuation of the bullish price structure, with ADA maintaining prices above key moving averages while testing upper resistance levels near the $1.00 mark.
