Cardano Whales Accumulation Hits $55 Million: $1 Target Soon?
Crypto whales dumped large amounts of Cardano (ADA) on November 20, disrupting its bullish momentum. However, the narrative has changed today as Cardano’s whale accumulation takes center stage.
This fresh buying activity suggests that the price of ADA may return to bullish momentum towards $1. But does the data support this bullish outlook?
Major Cardano investors change stance
According to IntoTheBlock data, the net flow of Cardano’s major holders has soared to 67.51 million ADA, which marks that the net flow of Cardano’s major holders has soared to 67.51 million ADA. mood changes Among crypto whales. Net flow represents the difference between the amount of ADA purchased and sold by large holders during a specific period.
When net flows increase, it indicates that whales are buying more than they are selling. Usually, this is a bullish signal. Conversely, a decrease in net flows indicates more whale selling, which is generally viewed as bearish.
In this case, the recent net traffic growth is worth approximately $55 million, consistent with the 11% surge in ADA price over the past 24 hours. Therefore, the accumulation of Cardano whales shows ADA may be ready to take off Further upside, the recent gains set the stage for potential higher value.
Additionally, funds coming in/out surrounding price (IOMAP) Indicators provide further support for this bullish outlook. For context, IOMAP analyzes token clusters based on three groups: Purchased Below the current price (in the money), above the current price (out of the money), and breakeven.
This indicator is crucial for identifying potential areas of support and resistance. Specifically, if the number of “in-the-money” tokens is high, it means solid support as many holders took profits and are less likely to sell, potentially pushing the price higher.
On the other hand, higher “out of the money” volume indicates resistance as holders may sell to cover losses, putting downward pressure on the price.
Currently, ADA’s IOMAP is showing strong support above the resistance zone, reinforcing its price’s potential to climb further.
ADA Price Prediction: Almost Valid Near $1
On the daily chart, ADA price increases Above the key exponential moving average (EMA). Specifically, the 20-day EMA (blue) and the 50-day EMA (yellow) are below Cardano’s price. When the price is above this indicator, the trend is bullish.
On the other hand, if the price is below the indicator, the trend is bearish. Therefore, going by the current trend, ADA may rise above $0.87. If this happens, the altcoin could rally towards the $1 mark.
However, if Cardano Whale decides to sell and book a profit, this prophecy Probably won’t happen. Instead, the price may drop to $0.68.
Disclaimer
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