Key Takeaways:
- ADA trades over $1 for the first time in a month, after a 13% rally in 24 hours
- The token broke a significant resistance on Mar. 23, leaving the Falling Channel formation
- Cardano whale accumulation might be behind the rally
YEREVAN (CoinChapter.com) – Cardano (ADA) traded at over $1 after jumping nearly 13% in the previous 24 hours. Moreover, the token’s value gained 28% in a week, recovering investors’ confidence and breaking through a significant resistance that hindered ADA’s upside moves since Sep. 2021.
As CoinChapter recently reported, ADA traded in a neutral pattern known as the Falling Channel. The latter entailed two parallel trendlines that enclosed the price action and prevented sharp breaks. Finally, however, ADA broke the Channel’s resistance on Mar. 23.
Also read: ADA jumps 7% after Cardano increases smart contracts' script memory.
Moreover, ADA/USD price action stalled after the breakout and could retest the $1 line as support in the upcoming session, strengthening the bullish claim. The pair also approached the 100-day exponential moving average (EMA-100; turquoise wave).
In case of a bullish continuation, ADA could break above it and secure a Golden Cross between EMA-20 and EMA-50 (red and orange waves).
Also read: Cardano staking reserves surpass $220M for the first time in history.
Additionally, ADA’s relative strength Index (RSI; momentum indicator) charted close to 70, approaching the overbought territory, which could rain on Cardano’s parade. However, ADA accumulation statistics show a heightened activity among Cardano whales and small addresses.
Cardano accumulation
Crypto market intelligence platform IntoTheBlock detected a heightened activity among addresses holding the Cardano token. The analysis concluded that wallets holding 10-100 and 100k-1m ADA increased their balance by 12% and 11% in the previous 30 days.
In an early March report, Lucas Outumuro, head of research at IntoTheBlock, commented on Cardano when the accumulation was speeding up.
Cardano appears to be showing signs of promise for more to come after years without launching smart contracts. This appears to be translating into an accumulation of ADA from large players.
said the expert in early March.
Also read: Cardano jumps 18% in two days in a comeback rally – and rich ADA investors are behind it.
Typically, whale accumulation tends to positively affect the token price, as it creates a supply squeeze. However, the upcoming sessions will show if the bullish predictions pan out.
Additionally, major crypto exchange Coinbase announced its intention to buff up the Cardano staking options. Senior product manager Rupmalini Sahu asserted that ADA staking would be easier on Coinbsae.
Also read: Is ZCash a buy ahead of its “largest protocol upgrade” in April 2022?
While it has been possible for individuals to stake Cardano on their own, or via a delegated staking service, the process can be confusing and complicated. With today’s launch, Coinbase is offering an easy, secure way for any retail user to actively participate in the Cardano network and earn rewards.
said the executive.
