Whales Accumulate 190 Million Cardano (ADA) in 24 Hours
Cardano (ADA) is experiencing notable whale accumulation and a collaboration with NASA, potentially influencing price movements.
- Whales acquired 190 million ADA in the last 24 hours, resulting in a 2.24% price increase to $0.7234, with a daily high of $0.746.
- The Relative Strength Index (RSI) is at 47.67, indicating possible retracement if buying pressure weakens.
- Bollinger Bands show resistance levels at $0.7869 and $1.02.
- A breakout above $0.746 may target $0.80 and $0.85; support is at $0.705.
- A double-top pattern suggests a risk of a 45% decline toward $0.39 by June.
- The neckline support at $0.705 is crucial; a breakdown could lead to increased selling pressure.
- ADA is testing the 50-week exponential moving average (EMA) at $0.668, with deeper support at the 200-week EMA of $0.545.
- If bulls defend the neckline, ADA may challenge the $1.186 resistance again.
Fundamental Developments
- Collaboration with NASA focuses on track and trace, data provenance, and satellite data.
- Frederik Gregaard, CEO of Cardano Foundation, noted the capability of ADA to record Bitcoin transactions.
- SEC dropped its lawsuit against Coinbase, which previously labeled ADA as an unregistered security, potentially providing regulatory clarity.
- Chances of approval for a spot Cardano exchange-traded fund (ETF) are estimated at 66% according to Polymarkets.