Altcoin project Cardano (ADA) may soon explode as market participants add more tokens to their holdings, according to analysts. However, analysts note that Cardano has reached a critical resistance barrier after making significant gains in the last few days, and they state that the altcoin project may be on the verge of a major breakout. For details, continue reading Kriptokoin.com.
Cardano whales have a significant increase in assets
Cardano has rallied around 18% in the past two days after increasing buying pressure. Big investors seem to be in a rush to add more ADA to their portfolios. Santiment’s holder distribution chart shows that a large number of purchase offers were met in the last 48 hours. The behavioral analytics firm has detected a significant increase in the holdings of medium-sized Cardano whales.
Addresses holding between 100,000 and 1 million ADA have added more than 16 million tokens to their holdings since February 27. The spike in upward pressure equates to millions of dollars. Analysts state that if the buying spree continues, Cardano may have the ability to make further progress and make more substantial gains.
Source: Santiment “Altcoin may selloff if it fails to maintain this support level”
IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model predicts that $1.10 plays a crucial role in Cardano’s trend. Transaction history shows that this is one of the altcoin project’s biggest supply hurdles. Here, more than 450,000 addresses have previously purchased more than 7.2 billion ADA. According to analysts, the critical resistance wall could absorb some of the recent buying pressure. However, analysts say that if Cardano manages to cut it, its price could advance to the next key resistance at $1.34.
Source: Into TheBlock According to analysts, Cardano should continue to trade above $0.90 despite performing well over the past few days. Analysts state that if this level is not maintained as support, it may cause panic among investors and potentially see a selloff. In this case, they remind you that ADA could dive as low as $0.85 or even $0.50.
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