Cardano Price Reaches $1 as Whales Accumulate 100 Million Tokens
Bitcoin has surpassed $97,000, leading to a 9.82% increase in Cardano's price, which has reclaimed the $1 mark with a market cap of $36.94 billion.
Key Points
- Cardano shows bullish momentum with two consecutive bullish candles.
- Intraday gains of 5.82% suggest growing market confidence.
- The recovery surpasses the Fibonacci level of 23.60% at $1.
- Price targets are set at $1.38 and $1.554, indicating a potential 50% upside.
- Support levels remain at $0.936 and $0.814 based on the 50 and 100 EMA lines.
- Open interest for Cardano has increased by nearly 15% to $1.27 billion.
- Long-to-short ratio is at 1.027, reflecting a shift toward bullish sentiment.
- Whales have accumulated approximately 100 million ADA tokens in the past 48 hours.
Overall, increasing whale support, rising open interest, and positive technical indicators suggest potential further gains for Cardano. Monitoring key support levels and overall market trends will be critical to sustaining this upward movement.