- Ali Charts shared on Twitter that whales have been accumulating millions worth of ADA over the past month.
- From a technical standpoint, ADA was attempting to flip the $0.30 resistance into support.
- At press time, ADA was worth $0.2979 after its price rose by 0.01%.
Cardano (ADA) whales have been making it a priority to accumulate the altcoin. According to a Twitter post shared this past Tuesday by the well-known cryptocurrency analyst, Ali Charts, whales have purchased 130 million ADA over the past month. The post indicated that the accumulated ADA was worth around $39 million.
Cryptocurrency influencer, Dan Gambardello, also shared his thoughts on the Ethereum killer in his own Twitter post yesterday. In his post, Gamberdello urged traders to keep an eye on ADA’s weekly chart as he believes it suggests that a big move could be around the corner for the altcoin.
From a technical standpoint, ADA was attempting to flip the $0.30 resistance into support. Should it succeed in this regard, ADA’s price may climb to $0.3524 in the upcoming week. Conversely, failure to close above the key price point within the next 48 hours could put the altcoin at risk of testing the crucial support level at $0.2769.
Continued sell pressure may also drag ADA’s price down to $0.2506 in the next couple of days. Technical indicators suggested that the bullish thesis will most likely play out in the coming week. Most notably, the 9-day EMA line was looking to cross bullishly above the 20-day EMA line.
If these technical indicators cross, ADA’s price will likely rise to the aforementioned $0.3542 resistance. Confirmation of this bullish thesis will be when ADA closes a daily candle above the 20-day EMA line at around $0.3011.
Meanwhile, over the past 24 hours ADA saw its price increase by 0.01%, which left it trading hands at $0.2979 at press time, according to CoinMarketCap. This slight increase in its price was not enough for it to outperform the market leader, however, as ADA was down 0.18% against Bitcoin (BTC).
Additionally, ADA’s 24-hour trading volume fell by 26+% since yesterday. This meant that the crytpocurrency’s intraday volume stood at around $235,786,376. With regards to its weekly performance, ADA was able to stay in the green at +0.27%.
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