ADA Whales Scoop up 560M ADA in the Last 2 Weeks: Trader

  • The altcoin’s price dropped 0.11% in the last 24 hours according to CoinMarketCap.
  • There is an ascending price channel on ADA’s chart which suggests its price will rise in the next 24-48 hours.

The crypto trader Ali (@ali_charts) tweeted yesterday that Cardano (ADA) whales have been on a shopping spree lately. According to the tweet, ADA whales have scooped up 560 million ADA tokens over the past 2 weeks. The total Dollar value spent in this shopping spree is estimated to be $218.4 million.

At press time, CoinMarketCap shows that ADA’s price dropped 0.11% in the last 24 hours. Fortunately, however, the weekly price performance for the Ethereum-killer remains in the green at +0.88%. Currently, the altcoin’s price stands at $0.3883.

ADA has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 0.96% and 0.55% respectively. In the last 24 hours.

Daily chart for ADA/USDT (Source: TradingView)

ADA’s price is currently trading within an ascending price channel at press time which was established over the last 2-3 weeks. During this time, the altcoin’s price printed higher highs and higher lows, and went from a low of $0.3013 on 11 March to a high of $0.4093 on 31 March before retracing to its current level.

At press time, ADA’s price is being supported by the 9-day EMA line. ADA’s price may rise in the next 24-48 hours as long as it continues to trade above the 9-day EMA level.

Should the altcoin’s price drop below this level, it will drop to the nearest support at $0.3728. In addition, a drop out of the current ascending price channel will result in ADA’s price dropping to as low as $0.3516 in the next week.

However, if ADA’s price is able to stay within the positive price channel in the next 24-48 hours, then it will likely make a move to the next resistance level at around $0.4214 in the coming week.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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