Key Insights
- Cardano is one of the top performers today
- According to the market data aggregation platform, the whales appear to be offloading Cardano.
- At the same time, Santiment notes that Cardano is a popular coin amongst its enthusiasts.
Cardano is in the news again. The FTX-Alameda insolvency saga has begun to cool off along with the rest of the market. Most cryptocurrencies are starting to normalize, and the global crypto market cap is slowly beginning to climb again to its $1 trillion mark.
According to data from CoinMarketCap, the global crypto market cap sits at $873.7 billion after falling to $786 billion earlier in the week.
However, over the last few hours, and as far as cryptocurrencies are concerned, ADA has been one of the top performers.
Over the last 24 hours, the cryptocurrency rose by 9% to a high of $0.3766 before normalizing to the $0.363 zone where it now sits.
Whales Offload Cardano (ADA)
According to the market data aggregation platform, the whales appear to be offloading Cardano.
Since May, these whales have sold off as many as 600 million ADA and are actively trading any change in direction.
According to values provided by the Network Realized Profit/Loss divided by actual price, a certain degree of capitulation occurred in 2020 during the covid-19 crash. However, these capitulation events happened in two waves, with the second smaller than the first.
This indicates that traders jumped in, in a bid to make some quick profits on the bounce before losing everything on the second wave in a few days or weeks.
At the same time, Santiment notes that Cardano is a popular coin amongst its enthusiasts. Moreover, according to the cryptocurrency’s social volumes, there are no indifferent or negative sentiments towards the cryptocurrency, as illustrated below.
Cardano (ADA) Price Analysis
Compared to the rest of the market, Cardano recovered fairly quickly after the panic selling that swept through the market in the wake of the FTX-Alameda showdown.
Over the last week, Cardano only fell by 14%, which is a step up compared to others like Solana and BIT, which more than halved.
The daily chart shows that the price of ADA sharply reversed after hitting the oversold mark. This indicates strength from the bulls.
The RSI-based moving average has normalized and is now at the neutral zone. A crossover between this line and the RSI signal line appears to be on the verge of forming, indicating that the bulls are starting to take control and may push the price of the cryptocurrency higher.
Cardano is currently testing the $0.37 zone and may break this line to the upside, depending on how hard the bulls can push.
If Cardano rises beyond this line, it is expected to rally straight ahead to the $0.5 zone in a 35% move to the upside.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
