Cardano

Date: Tue, Dec 17, 2024, 05:21 AM GMTThe cryptocurrency market has been riding a bullish wave ever since Donald Trump secured victory in the U.S. elections in November. Bitcoin (BTC) soared to a new all-time high of $107K, setting a strong bullish tone across the market. Riding on this momentum, Cardano (ADA), one of the top <a href="https://coinsprobe.com/xrp-whales-makes-significant-accumulation-ahead-rlusd-launch-today-what-to-expect-ahead/" rel="noopener noreferrer nofollow">altcoins</a>, has also dominated the altcoin market with an impressive rally of over 200% in last 60 days.However, after hitting a recent high of $1.32, Cardano is now experiencing a healthy correction, cooling down to its current price of $1.06.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/96b0a328ff5f4974bf686f49db65d5ba.png" />Source: Coinmarketcap<h3 id="large-whale-transactions">Large Whale Transactions</h3>Even as ADA experiences a price correction, on-chain data suggests that large investors—known as whales—are taking advantage of the dip to accumulate more tokens. Recent report by crypto analyst <a href="https://x.com/ali_charts/status/1868727040545112342" rel="noopener noreferrer nofollow">&#64;ali_charts</a> highlight a significant surge in whale activity on the Cardano network.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ef4acab3266c4fceb65f6e23348668f1.jpeg" />Source: &#64;ali_charts (X)Over the past 24 hours, 687 large transactions, each exceeding $1 million, have been recorded.This activity indicates that big players are actively moving or acquiring substantial amounts of ADA. Historically, such whale transactions have been viewed as a precursor to potential price rallies, as they signal confidence in the asset’s long-term prospects.<h3 id="what-to-expect-ahead">What To Expect Ahead?</h3>Cardano (ADA) has seen a notable 200% rally but is now undergoing a correction, retracing from its recent high of $1.32 to the current price of $1.06. Despite this pullback, the surge in whale transactions has helped ADA hold above a critical support level at $1.03.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/fc7910f509f54872a6f560fe7db4aefa.png" />Looking ahead, here are two key scenarios for ADA:1.Bullish Scenario: If ADA manages to hold its $1.03 support level and sees a reversal, the price could retest its recent resistance at $1.32. A successful breakout above $1.32 could pave the way for further gains.2.Bearish Scenario: However, if ADA fails to hold the $1.03 support, the price could decline further, with the next major support level around $0.90.Traders and investors will closely monitor these support and resistance zones in the coming days, especially given the heightened whale activity.<h3 id="conclusion">Conclusion</h3>Cardano&#39;s recent rally and subsequent correction come at a time of heightened interest in the crypto market. With whales actively accumulating ADA during this dip, the altcoin&#39;s price movements will be crucial to watch. If Cardano holds its key support level, the next leg upward could be on the horizon.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/xrp-whales-makes-significant-accumulation-ahead-rlusd-launch-today-what-to-expect-ahead/" rel="noopener noreferrer nofollow">XRP Whales Makes Significant Accumulation Ahead RLUSD Launch Today: What To Expect Ahead?</a>

Cardano (ADA) Holds Key Support Following Large Whale Transactions: What's Ahead?

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