Cardano Whale Holdings Rise To 5-Month High Even As Price Falls To $0.60
Despite Cardano's price dipping toward $0.60, whale addresses have accumulated 70 million ADA, pushing total holdings to a five-month high.Summary
Cardano's price has recently struggled, falling toward the $0.60 mark. However, on-chain data reveals that large holders, or whales, are accumulating ADA, having added approximately 70 million tokens (valued at $42 million) over the last 48 hours. This buying activity has propelled Cardano whale holdings to a five-month high, suggesting major investors see the current price as a strong entry point.
Technical indicators, specifically the MACD, show easing bearish pressure as the red histogram bars recede, aligning with the whale accumulation and hinting at a potential short-term reversal. While Cardano has previously failed to sustain bullish MACD crossovers, the current accumulation combined with fading bearishness could lead to a confirmation of a bullish crossover.
At the time of writing, ADA was trading at $0.61, holding above the critical $0.60 support. If this level holds, ADA could rally towards $0.62 and then $0.66. Conversely, a failure to maintain $0.60 support due to renewed selling pressure could see the price drop to $0.57 or $0.54, invalidating the bullish outlook.
(Source：BeInCrypto)