Cardano [ADA] recently made a significant move by breaking out of a descending channel that had been in place for some time. This breakout was quite aggressive, with $880k worth of short liquidations occurring in under 24 hours to fuel the move. The price action reclaimed the range formation that was established back in February, signaling a potential shift in momentum for the cryptocurrency.
A recent report also highlighted whale accumulation in Cardano, emphasizing the importance of the $0.75 support level. This accumulation was seen primarily in certain cohorts of holders, with the 10 million-100 million ADA holder cohort adding 1% of the circulating supply of Cardano over the past month. This translates to a significant amount of tokens, worth $296 million based on the current price.
However, not all on-chain metrics are showing positive signs. Network activity has slowed down in recent days, with daily active addresses and transaction volume experiencing a sharp drop on Friday, May 9th. While this drop in activity is common for daily active addresses over the weekend, it is unusual for transaction volume. Despite this, daily active addresses are still higher than they were for most of April.
On the price chart, Cardano has shown resilience by holding onto the $0.8 support zone after retesting the $0.68 range lows. The 20 and 50-period moving averages indicate bullish momentum, with the next price target set at the mid-range resistance of $0.91. The rising On-Balance Volume (OBV) suggests steady buying pressure, which could help ADA rally higher in the near future.
Overall, Cardano’s recent breakout and whale accumulation signal positive momentum for the cryptocurrency. While on-chain activity has slowed down, the price action and key support levels indicate potential for further upside. Traders and investors will be closely watching how Cardano performs in the coming days, with the next target set at the $0.91 resistance level. The Benefits of Regular Exercise for Mental Health
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