{"id":619339,"date":"2023-03-18T10:53:00","date_gmt":"2023-03-18T15:53:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/18\/cardano-price-forecast-as-on-chain-data-shows-huge-whale-activity-what-do-they-know\/"},"modified":"2023-03-18T10:53:00","modified_gmt":"2023-03-18T15:53:00","slug":"cardano-price-forecast-as-on-chain-data-shows-huge-whale-activity-what-do-they-know","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/18\/cardano-price-forecast-as-on-chain-data-shows-huge-whale-activity-what-do-they-know\/","title":{"rendered":"Cardano Price Forecast as On-Chain Data Shows Huge Whale Activity \u2013 What Do They Know?"},"content":{"rendered":"
\n
Cardano (ADA). Source: Adobe<\/figcaption><\/figure>\n

Cardano (ADA), the cryptocurrency that powers the smart-contract-enabled Cardano <\/a>blockchain, was last changing hands around $0.34 per token, up around 4% on the day amid a broader rally in cryptocurrencies, but lifted somewhat by positive news about the Cardano <\/a>development team delivering a new network upgrade.<\/p>\n

<\/oembed><\/figure>\n

That means ADA<\/a>\/USD is up around 14% versus its recent sub-$0.30 lows printed at the end of last week amid peak crypto market fears about the impact of a possible US financial crisis. But ADA is still down around 7.5% versus its recent highs near $0.37 after rejecting a test of its 200-Day Moving Average.<\/p>\n

<\/figure>\n

While that\u2019s not a good technical sign, on-chain data is more optimistic, particularly as it reveals an uptick in the number of \u201cwhales\u201d transacting on the Cardano blockchain. Specifically, according to a chart shared by @ali_charts, the number of ADA transactions that exceed $100,000 on the Cardano network is on the rise.<\/p>\n

<\/oembed><\/figure>\n

According to @ali_charts, \u201cthis trend indicates institutional investors’ and ADA whales’ increasing engagement, shedding light on their investment strategies\u201d.<\/p>\n

What Do the Whales Know?<\/strong><\/h2>\n

Increased whale activity on the Cardano blockchain could be connected to improving trends within Cardano\u2019s Decentralized Finance (DeFi) ecosystem. Widely followed Cardano influencer @cardano_whale recent shared positive statistics relating to growth in Cardano\u2019s TVL.<\/p>\n

<\/oembed><\/figure>\n

According to \u201cADA Whale\u201d, Trade Value Locked (TVL) <\/a>\u2013 i.e. the USD-denominated value of crypto locked in smart contracts on the Cardano blockchain \u2013 is rising 20% per month. If that rate continues and ADA recovers back to all-time price highs by the end of the year, Cardano could have a TVL of roughly $3 billion.<\/p>\n

\u201cThis doesn\u2019t factor in yet to launch @axotrade<\/a>, @GeniusyieldO<\/a>, @TeddySwap<\/a>, @yamfore<\/a>, @SpectrumLabs_<\/a>, new @liqwidfinance<\/a> assets,\u201d the pseudonymous Twitter account noted. Cardano \u201cis going to be a top 5 DeFi ecosystem next bull run with a massive community behind it,\u201d they stated.<\/p>\n

Price Prediction – Where Next for ADA?<\/strong><\/h2>\n

Support-turned-resistance in the $0.35 area, which also coincides roughly with the 200-Day Moving Average may continue to cap ADA upside in the near future, with the cryptocurrency still seemingly in a downtrend from its February highs in the $0.42 area. But as buying pressure builds up in the broader cryptocurrency market and the likes of Bitcoin and Ether hit new multi-month highs, it seems like only a matter of time until ADA starts also pushing substantially higher.<\/p>\n

A break above the aforementioned resistance area around $0.35 and the 200DMA would open the door to a retest of a downtrend linking highs going all the way back to last June. A break above here and the annual highs would then open the door to the potential upside towards last summer\u2019s highs in the $0.60 area, more than 70% up from current levels.<\/p>\n

<\/figure>\n<\/p><\/div>\n

Read More<\/a>
\n Clora Schewe<\/p>\n","protected":false},"excerpt":{"rendered":"

Cardano (ADA). Source: AdobeCardano (ADA), the cryptocurrency that powers the smart-contract-enabled Cardano blockchain, was last changing hands around $0.34 per token, up around 4% on the day amid a broader rally in cryptocurrencies, but lifted somewhat by positive news about the Cardano development team delivering a new network upgrade.That means ADA\/USD is up around 14%<\/p>\n","protected":false},"author":1,"featured_media":619340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25047,4759],"tags":[],"class_list":{"0":"post-619339","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cardano","8":"category-price"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/619339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=619339"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/619339\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/619340"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=619339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=619339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=619339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}