Cardano Whales Load Up on 300M ADA – Will It Trigger a Price Rebound?
The post Cardano Whales Load Up on 300M ADA – Will It Trigger a Price Rebound? appeared on BitcoinEthereumNews.com.
Following Cardano’s 20% price drop this week, whale investors have taken advantage of the dip, accumulating 300 million ADA worth nearly $200 million. Cardano’s price drop is partly due to its correlation with Bitcoin, which has also slumped, but a rebound may be on the horizon. Despite a steep 29.7% decline in Cardano’s (ADA) price over the past month, whales have been aggressively accumulating the cryptocurrency. In the last week alone, addresses holding between 10 million and 100 million ADA have added a staggering 300 million ADA, worth nearly $200 million. This level of accumulation suggests that large investors view the current price levels as a buying opportunity, anticipating a rebound in the near future. Cardano’s price movement has been increasingly tied to Bitcoin (BTC), meaning it has mirrored BTC’s recent downward trajectory. Bitcoin has fallen 11.1% in the past week and 2.79% in the last 24 hours, partly due to global economic uncertainty caused by Donald Trump’s newly imposed 25% tariffs on the European Union (EU) and the confirmation of additional tariffs on Canada and Mexico. These trade tensions have affected traditional financial markets and spilled over into the cryptocurrency sector, leading to increased volatility. As a result, ADA has dropped 1.4% in the last 24 hours and 14.4% over the past week, reflecting broader market uncertainty. Additionally, Cardano’s trading volume has slightly decreased by 0.82%, settling at $881.63 million. However, if Bitcoin stages a recovery, ADA could follow suit and regain lost ground. Key Support and Resistance Levels Currently, ADA is holding above the critical support level of $0.62 and is currently trading at 0.6744 just 78.21% shy from its all time high of 3.10 seen in 2021. If whale accumulation continues, Cardano could attempt to break the $0.70 resistance. However, failure to breach this level may lead…
Filed under: News - @ February 28, 2025 3:25 am