Amid the recent bearish trend, Cardano (ADA) whales are making quite the splash. The Cardano whale transaction volume has skyrocketed lately with over $13 billion worth of average daily transactions last week. In addition, ADA whales have outpaced Dogecoin (DOGE) and Litecoin (LTC) whales by a huge margin.
Cardano Whales Stur The Market
According to insights from Into The Block, these heavyweight investors have been remarkably active with an average daily transaction volume of $13.84 billion over the past week. This figure stands as a testament to the strong activity within the Cardano ecosystem, showcasing substantial movement and liquidity.
What’s particularly striking is how this volume compares to other major cryptocurrencies. Despite being a relative newcomer in the blockchain arena, Cardano’s transaction volume is impressive, amounting to a third of Bitcoin‘s current volume. Even more astonishingly, it surpasses Litecoin’s volume by five times. In addition, ADA exceeded Dogecoin’s volume by over sixteen times.
However, the count of active wallets for Cardano have decreased substantially. According to Santiment, despite the growing number of non-empty Bitcoin wallets and the fluctuating trends in altcoin assets like Dogecoin, Cardano’s ecosystem is experiencing a downturn. Moreover, this decline comes amidst volatile market conditions, where choppy prices are testing investor sentiment across various digital assets.
Also Read: Binance Expands Support For SOL, SHIB, XRP, ADA, Prices To Recover?
ADA Price Today
The Cardano price reached a low of $0.4481 today amid the unfavorable market conditions. At press time, the ADA price was $0.4534, indicating a 3.20% decline. The crypto held a market cap of $16.17 and ranked as the 10th largest digital currency. Meanwhile, the trading volume for Cardano soared 7.63% to $281.54 million.
Currently, Cardano appears to be locked in a downward trajectory as evidenced by a consistent pattern of decline. Moreover, despite numerous attempts, ADA has been unable to breach this barrier, indicating the persistence of the prevailing downtrend. Also, analysts have cautioned that ADA is nearing a critical support level at approximately $0.450.
In case of a breach below this threshold could trigger a further downward spiral. Whilst, the next significant support is estimated to be at $0.4280. However, on the upside, ADA faces resistance at $0.4920, followed by a psychological hurdle at $0.500. A breakthrough above this resistance zone could spark a resurgence. It could even propel Cardano toward $0.5250 and even $0.5650 if the bullish sentiment gains traction.
Also Read: Charles Hoskinson Spooks XRP Community Again, Here’s Why
The post Cardano Whales Dominate As ADA Surpasses Dogecoin & Litecoin Volume appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed