- Within just 2 days, whales bought over 80 million ADA, indicating that they are confident about Cardano’s growth.
- Even though there was much buying activity, ADA’s price is continuing to stay stable, but indicators are not all positive.
- An increase in the price could happen if the whales keep buying, and the technical signs improve with more people participating.
In the last two days, whales have purchased more than 80 million Cardano (ADA) tokens, as revealed by information published by Ali on X. Suggestions have emerged that this move in the market could cause the price of ADA to rise.
The information Ali posted reveals that many wallets have now amassed between 1 million and 10 million tokens. When whales suddenly increase their purchases, this often means they trust the cryptocurrency, and may lead to a rise in price.
Source: X @ali_charts
It has been seven days of whales’ consistent ADA purchases, but ADA’s price has not made a considerable move yet. On the latest TradingView chart, Cardano stands around $0.7372, recording an increase of nearly 1.40 percent at the time the chart was pulled.
This recent spike in whale accumulation may have been helping to stabilize prices.
Cardano’s Movement Seem Uncertain As Shown By Technical Indicators
If we look closely at the MACD indicator, it can be seen that at this time, its value is lower than the signal line, suggesting the momentum is weak. Though the bars are still red, it is starting to look like their values are shrinking, which suggests pressure to sell stock is slowly lessening.
Source: TradingView
Similarly, the RSI, which shows if an asset is expensive or cheap, is currently set at around 43. Therefore, ADA is not in strong buying territory, yet there could be chances for it to rise within a fair range.
Confidence In Whale Is Still Rising, Despite Uncertainty Around Indicators
Generally, when big investors acquire vast amounts of a token, they likely believe it will bring profits in the future. By contracting a large volume, they also ensure the price does not drop as much.
The timing is also a factor to consider. Days after the large purchases, ADA has held fairly steady, showing little change in its price. Should whales continue to purchase and technicals show optimism, other categories of investors may also start buying.
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