Cardano (ADA) Rises 2.2% to $0.70 as Whales Buy 200M Tokens
Cardano (ADA) rose to $0.70 (+2.2%) due to significant purchasing by large holders. Approximately 200 million ADA, valued at around $140 million, were acquired over two days as the market recovered from recent volatility.
- Whale and mid-tier wallets increased their ADA holdings, with a notable decline of 51% in "spent coin" metrics indicating reduced selling pressure.
- The price range of $0.70–$0.80 is crucial for maintaining recovery momentum.
Staking and Berlin Summit Highlights
- eToro's launch of ADA staking in the U.S. could reduce liquid supply and offer rewards to over 40 million users.
- The upcoming Cardano Summit in Berlin (Nov. 12–13) is expected to showcase ecosystem developments, potentially boosting sentiment.
Technical Analysis and Price Outlook
- Cardano bounced back from a $0.61 low, with bulls targeting a move through $0.73 and resistance at $0.86.
- A breakthrough at $0.86 could lead to targets of $1.01 and $1.12.
- Support remains at $0.61; falling below this could signal further consolidation.
The combination of whale purchases, staking opportunities, and the Berlin Summit may stabilize liquidity and support Cardano's recovery efforts.