Cardano (ADA) hasn’t had a great run since the beginning of April, as it has been unable to maintain support above the $0.40 mark.
However, large ADA holders (known as whales) have been splurging on the cryptocurrency for the past two weeks. In fact, according to cryptocurrency trading expert Ali Martinez, these whales have collectively acquired 560 million ADA tokens, worth a whopping $218.4 million.
There is a growing trend that Cardano is attracting institutional investors and high-net-worth individuals. This is evidenced by their increased buying activity, suggesting a strong bullish sentiment towards cryptocurrency. Cardano is a well-known competitor to Ethereum (ETH) and other prominent players in the market.
Cardano Price Analysis
Despite the recent buying spree, the price of ADA has not seen a significant upward trajectory. However, some big players in the market have taken advantage of the current price drop by implementing the “buy the dip” strategy to expand their cryptocurrency holdings.
Currently, Cardano is priced at $0.3873, with a slight 0.58% dip in the past 24 hours and further losses of 2.13% in the previous week. At present, ADA has a support level of $0.36248 and faces substantial resistance at $0.41413.
Cardano (ADA) has reclaimed its position as the seventh most valuable digital asset with a total market worth of $13.4 billion, overtaking Dogecoin (DOGE) after the price of the dog meme coin collapsed when Elon Musk removed it from the Twitter (NYSE: TWTR) logo.
Despite the recent price decline, the technical analysis (TA) of ADA on TradingView’s 1-day gauges remains bullish. The summary reflects a ‘buy’ sentiment at 13, as oscillators point to ‘neutral’ at 9 and moving averages (MA) indicate a ‘strong buy’ at 12.
Cardano is also gaining attention as one of Crypto Tips’ recommended cryptocurrencies to watch for the week. This is due to the updated roadmap for Hydra, a layer-2 scalability solution that has put ADA back in focus. This solution provides developers with a means to increase transaction speed and lower costs on the network.
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