In recent cryptocurrency news, an on-chain analyst has reported that deep-pocketed investors have been accumulating significant amounts of Cardano (ADA) and Dogecoin (DOGE) as the market has been relatively stagnant over the past week. Analyst Ali Martinez shared on social media that whales purchased $85.6 million worth of ADA in just a couple of days. This sudden surge in ADA purchases has caught the attention of many in the crypto community.
The current trading price of ADA stands at $1.07, indicating a bullish sentiment among investors. Additionally, Martinez revealed that investors also bought $64 million worth of Dogecoin in a 24-hour period. This demonstrates a strong interest in both ADA and DOGE, despite the overall market conditions.
The total amount of ADA and DOGE purchased by these whales amounted to nearly $150 million in just two days, highlighting the confidence these investors have in these particular cryptocurrencies. Moving on to Bitcoin, Martinez discussed the In/Out of the Money Around Price (IOMAP) metric for BTC. This metric categorizes crypto addresses based on their profitability and helps determine support and resistance levels for Bitcoin.
Martinez pointed out that Bitcoin has a strong support level between $94,300 and $100,250, with 2.25 million wallets holding over 2.18 million BTC in this price range. This indicates a significant amount of buying activity in this range, providing a solid foundation for Bitcoin’s price stability.
As of the time of writing, Bitcoin is trading at $101,946, showcasing its resilience in the face of market fluctuations. Overall, the recent activity in ADA, DOGE, and BTC suggests that investors are optimistic about the future of these cryptocurrencies.
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In conclusion, the recent surge in whale activity in ADA, DOGE, and BTC indicates a positive outlook for these cryptocurrencies. With strong support levels and significant buying interest, these assets continue to attract attention from both retail and institutional investors. Stay tuned for more updates on the evolving crypto landscape.