BCGAME - Free 5BTC Daily Bonus!- Cardano (ADA) registers an increase of 50%
- Huge accumulation by whales, netflows increase 393%
- Significant support level at $0,52
Cardano (ADA) has stood out in the cryptocurrency market, with an impressive 50% jump in its value before facing significant resistance. The cryptocurrency, which started the week in a consolidation zone around US$ 0,42, surprised many investors by reaching the zone close to US$ 0,70, defying expectations and market barriers.
Despite the initial surge, Cardano has seen a 20% pullback in the past 48 hours, indicating a sell-off by investors looking to capitalize on the recent rally. This pullback suggests that the market may be positioning itself for a potential consolidation of the coin.
Analysis of large-volume transactions shows a 6% decrease in the last 24 hours, which could point to a decrease in institutional activity after the sharp price surge. These metrics point to a possibility of stabilization before Cardano can make any further significant moves.
Meanwhile, the ninth-largest cryptocurrency by market capitalization experienced a notable increase in so-called Large Holder Netflows, with an increase of 393%. This indicator reflects changes in the positions of so-called whales, or large holders, and suggests a possible accumulation by these investors. Such behavior is reinforced by the seven-day streak of gains, with ADA reaching a peak of $0,659, its highest value since March.
Despite the recent price drop, considerable liquidation was seen at the $0,65 level, with around $1,96 million worth of ADA held, indicating strong support at this level. This level could serve as a barrier against further declines, supporting the coin through future fluctuations.
Cardano (ADA) is holding the USD 0,55 support area and is showing many positive signs. If there is a clear break above USD 0,68 and USD 0,70, there are chances of a sharp rally towards the USD 0,81 and USD 1,00 levels. Conversely, a daily close below USD 0,60 could start a decline.
At the time of publication, Cardano's price today is quoted at $0,5953 with a 4% increase in the last 24 hours.
