Cardano Price Forecast as Whale Activity Shows Huge Buy Orders Filling Up – What Do They Know?
Cardano (ADA) was last changing hands in the low $0.39s and as such remains marooned well within this week’s $0.38-$0.40ish ranges.
Cardano’s lack of volatility is surprising given that crypto and broader financial markets have been substantially roiled by Wednesday’s Fed meeting on Friday’s US jobs report.
But ADA bulls will take heart from the fact that the $0.38 support level has continued to hold firm, and that ADA hasn’t fallen below either its 50 or 100-Day Moving Averages.
Somewhat ominously, Cardano has formed a descending triangle in recent weeks, which often form ahead of bearish breakouts.
A break below key near-term $0.38 support could open the door to a drop back to the low-$0.30s.
But ADA could also break to the north of its recent downtrend, which would open the door to a move back towards late April highs in the $0.42 area at the very least.
Under the hood, a few key on-chain metrics are signaling strength in the Cardano network.
A chart being widely shared across crypto media on Friday, courtesy of Santiment, shows that on-chain ADA trading volumes have continued to rise in recent weeks, with a few recent instances of large daily spikes to multi-month highs.
Meanwhile, a separate chart courtesy of IntoTheBlock shows that, on-chain transactions of at least $100,000 in size rose 33% between the 28th of April and 3rd of May.
It seems that Cardano whales are driving a strengthening of on-chain activity.
Why might Whales be transacting in larger sums?
Unless you can look into the minds of each of the Cardano whales moving large sums across the blockchain, no one can know for sure.
But with Cardano still down around 87% down from its 2021 peaks, despite crypto markets broadly looking to be in the early stages of a new
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