Can Cardano (ADA) Price Hit $1 As Whale Buys 40M ADA?

As whales have been actively accumulating large amounts of ADA, the price of Cardano (ADA) has shown signs of a potential surge.

The price of Cardano (ADA) has shown signs of a potential surge as whales have been actively accumulating large amounts of ADA.

According to recent reports, a significant whale transaction occurred, purchasing 40 million ADA. This buying activity could create momentum, attracting more investors into the market.

As the largest cryptocurrency exchange by volume, Binance, announced its decision to halt new user registrations in mainland China, the crypto community shifted its attention to a substantial transaction by a Cardano whale.

As per the data from the blockchain, a large investor has bought a massive amount of 40 million ADA, sending a strong signal to the market. This transaction took place at an average price of $0.70, and it could have a significant impact on the ADA price.

This buying activity could contribute to a noticeable shift in ADA’s market dynamics, with the price rising steadily. According to the latest updates, the ADA price is currently holding steady above the $0.7 support level.

Following a sideways trend in the market, Cardano’s price action has been consolidating within a defined range. The price is showing a slight decline of 3% over the past 24 hours, following the crypto market decrease.

The Cardano price prediction has been hovering between the $0.60 and $0.80 range, with the possibility of a notable upside surge if the $0.80 resistance level is broken. The price could potentially rise by 42%, reaching a target price of $1.

The MACD line is remaining below the signal line, signaling a weak bullish momentum, while the RSI is currently at 37, indicating that the market is not in an overbought or oversold condition.

Crypto analysts highlighted a recent price movement for Cardano price, noting that the cryptocurrency is gaining momentum. After bouncing off a key support level, ADA shows potential for an upward move toward $0.76.

The technical chart reflects a bullish pattern, with the price stabilizing at the $0.70 mark. According to the analyst, if this level persists, the positive trend will continue, with a breakout likely to drive prices higher.

The analyst further emphasizes the importance of volume confirmation to support the strength of this price action. The breakout, should it happen, could push ADA to higher levels, indicating increased investor confidence.