As a seasoned analyst with over two decades of experience in the volatile world of finance and cryptocurrency, I find myself intrigued by the current trajectory of Cardano (ADA). My career has been marked by numerous market cycles, bubbles, and crashes, yet the resilience and potential of blockchain technology continue to captivate me.
TL:DR;
- Cardano’s native token continues to see a lot of demand from whales, with another massive accumulation over the past day or so.
- These big purchases could lead to price increases for the underlying asset, which is predicted to continue its run and hit $1.5 next.
ADA’s Current Run
At first, ADA didn’t seem to be affected by what was known as the ‘Trump Pump’. Meanwhile, other cryptocurrencies like BTC and DOGE were experiencing significant growth. However, Cardano’s token remained stable at approximately $0.3. This all shifted during the weekend following the elections when Charles Hoskinson, Founder of IOG, announced he would collaborate with the Trump administration to set up cryptocurrency regulations in the U.S., which seemed to stimulate ADA.
In quick succession, ADA experienced a significant surge of over ten percent and continued to rise in subsequent weeks, fueled primarily by the market’s general upturn, along with notable signals from Hoskinson.
The peak of the cryptocurrency was reached on December 3, as it soared above $1.3 for the first time in nearly three years. However, since then, ADA has experienced a slight pullback to approximately $1.2 following an 8% adjustment. The question becomes: what factors might drive this asset upward and if it’s possible for it to attain some of the high price estimates put forth by analysts, such as reaching up to $6.
Whales on the Move
Large investors, or ‘crypto whales’, often influence market trends because they can buy or sell substantial amounts of a specific asset. This can shape future token price changes. For example, Cardano whales acquired approximately 130 million coins towards the end of November, and soon after, the coin’s value surged from $0.9 to its peak of $1.3.
Analyst Ali highlighted a significant acquisition of over 100 million units of ADA by major investors, completed in just 24 hours.
#Cardano whales bought over 100 million $ADA in the last 24 hours!
— Ali (@ali_charts) December 5, 2024
The potential exists for ADA to achieve additional growth, as numerous experts foresee its next objective at around $1.5, implying a potential 25% increase from its current prices. To illustrate, Ali suggests the asset has shaped an “ascending triangle reminiscent of a textbook example,” which could propel it towards this target.
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2024-12-06 10:48