- Cardano (ADA) is experiencing significant whale accumulation, with increasing large-scale transactions signaling positive momentum for ADA’s price.
- Amidst rising network activity, the much-anticipated Chang upgrade is poised for launch soon.
- Cardano’s price is currently facing substantial resistance between $0.36 and $0.38.
Cardano’s whale accumulation hints at a potential price rally, amid rising network activity and the impending Chang upgrade.
Increasing Network Activity Signals Potential Gains
Recent data indicates heightened activity on the Cardano network, with both transactions and active addresses reaching multi-month highs. This surge in network engagement could drive ADA’s price up by approximately 9%, especially as it hovers around key resistance levels.
Resistance and Support Levels Critical for ADA’s Price Movement
Despite the overall market uptick, ADA’s price action shows mixed signals. While there’s current resistance between $0.36 and $0.38, underpinned by the 200 EMA, support around $0.28 remains firm. Overcoming the resistance could invalidate the bearish patterns observed, yet failure may result in a drop to $0.261.
Chang Upgrade: Boon or Bane?
The forthcoming Chang upgrade is stirring anticipation within the Cardano community. Historical data suggests that such events can trigger ‘sell-the-news’ reactions. However, a successful upgrade might provide the bullish momentum needed to break current resistance.
Market Sentiments and Whale Activity
Data from IntoTheBlock shows a notable increase in large transactions, indicating that whales are accumulating ADA. This influx can boost investor confidence and support short-term rallies. Furthermore, Cardano’s open interest has seen a 6.16% increase, aligning with the price uptick and forecasting continued upward movement until it confronts the 200 EMA resistance.
Conclusion
Cardano’s price is at a pivotal point. The increase in network activity and whale accumulation is promising, but overcoming the significant resistance between $0.36 and $0.38 is crucial. The upcoming Chang upgrade could be the catalyst needed for continued price appreciation, provided it results in substantive network improvements.
