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$166M Whale Bet Keeps ADA Steady, But Cardano Can Rally to $1 Only If…
As of late, the cryptocurrency market has seen a surge in buying activities from whales and spot investors alike. This development has placed Cardano (ADA) in the spotlight once again. A massive bet worth $166 million from whales has resulted in a stability in ADA’s price at $0.83, which is a crucial level for the coin to breach if it wants to reach the coveted $1 mark.
According to Santiment, whales scooped up an enormous 200 million ADA between August 9 and 10, with a total value of $166 million. This massive investment has essentially kept ADA’s price steady around $0.83, which serves as a make-or-break level for the coin’s future trajectory.
The whales’ recent activity suggests that they are optimistic about Cardano’s potential to rise above the current resistance levels. The data also reveals that spot investors joined forces with the whales, contributing an additional $14 million worth of ADA purchases in the last 24 hours. This buying surge has been met with a corresponding increase in perpetual trading volume.
However, the market is not without its challenges as perpetual traders appear to be losing steam. Long-to-Short ratios have taken a dive below 1, indicating that there may be more selling activity than buying at the current prices. Additionally, the perpetual market witnessed a substantial decline of 21% in trading volume over the past day.
The chart indicates that ADA’s price remains stuck near the $0.83 mark, which poses a significant hurdle for the coin to break through and potentially rally to $1. If we analyze the data closely, it becomes clear that this threshold is crucial. When ADA breached this resistance level in June, it led to an impressive 21% upswing.
ADA’s current stagnation near this level serves as a warning sign. A failure to break above $0.83 could result in a significant decline of over 20%.
Source: ambcrypto.com
