The post Cardano – Is the ‘biggest threat to Bitcoin’s dominance’ close to its bottom now? appeared on BitcoinEthereumNews.com.

ADA may be showing signs of a local bottom after finding support near key price level Assessing whale holdings, especially when compared to 2021, could be key Cardano’s ADA has been on a downtrend for months now, shedding almost 60% off its value from its YTD top. However, its recent performances suggest that the bearish momentum may be running out of steam. Will this pave the way for ADA’s market bulls? At the time of writing, ADA was just one spot away from being in the top-10 cryptocurrencies by marketcap. This means it still has an impressive marketcap, something that implies that many are still holding this coin with long-term bullish hopes. In fact, ADA might already be on the cusp of its next bullish wave judging by its price action over the last few weeks. Sell pressure has been levelling out, with strong support building up around the $0.31 price range. The altcoin also recently retested the same range after sliding down the charts after 25 August. Source: TradingView The crypto’s RSI also confirmed a potential pivot at the same price range over the last 2 days. Especially as selling pressure cooled off. Now, although there is a possibility of the price dipping lower, on-chain data seemed to signal that whales have been taking advantage of the altcoin’s discounted prices. Assessing the level of accumulation IntoTheBlock data revealed that ADA whales currently hold more coins than they did during the peak of the 2021 bull run. On 6 September, for instance, the historical concentration suggested that whales held 3.2 billion ADA (9% of the circulating supply). Source: IntoTheBlock Zooming out revealed that whales held about 804 million ADA (2.51%) during 2021’s peak. However, they were notably accumulating before the price went parabolic in 2021 and whale balances declined as…

---

Filed under: News - @ September 8, 2024 4:06 am