- Market intelligence platform Santiment tweeted ADA was enjoying a surge due to ADA whales.
- ADA started off the week in the red zone, but the bulls pushed it to the green zone.
- ADA is testing the 200-day MA. If the bulls push hard, ADA could break the 200-day MA.
Market intelligence platform Santiment tweeted that Cardano (ADA) was enjoying a price surge as wallet addresses holding between 1M to 100M added back 217.2M ADA to start 2023. Notably, these wallets added these amounts after they dumped 568.4M coins in the final 2 months of 2022.
Due to wallets adding the above-mentioned amount, ADA’s price surged by 8% during the last two days and is up by 11%.
ADA began the week with a negative performance and reached its lowest point at $0.240. However, during the first four days of the week, it saw a gradual increase in value. There was a sudden surge in ADA’s value on the fifth day.
ADA surged from $0.2687 to $0.2742 within a couple of hours. ADA reached a maximum price of $0.275 on its way up. Currently, ADA is up 2.35% in the last 24 hours and is trading at $0.2718, according to CoinMarketCap.
ADA has been on a downward trend, it was setting new lower lows since mid-November. Notably, ADA tested the 200-day MA in mid-December; however, it wasn’t able to break it. Currently, ADA is testing the 200-day MA for the first time in 2023. Interestingly, ADA has touched the upper Bollinger band; hence the market could correct the prices in the future.
The RSI index is 64.53, and it is tilting downwards, indicating that the prices will fall further. If the bulls push harder, ADA would be able to break the immediate resistance, which is very close. If ADA breaks the 200-day MA, it would be targeting resistance 1. However, if the bears rule the market, ADA will land on Support 1.
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