Cardano Price Prediction as ADA Volume Reaches Highest Level in 6 Months – Are Whales Accumulating?

cryptonews.com:

The Cardano price has risen by 2% in the past hour and by 2% in the past day, with the coin’s move to $0.379427 coming as the wider market gains by 1.4%.

ADA has also risen by 17.5% in the last seven days and by 54% in the last 30, with the altcoin standing on a 54% gain since the beginning of the year.

And with the coin now at its highest level since May, it appears to have the momentum the carry into further gains in the coming days and weeks.

Looking at Cardano’s chart, it’s all-too easy to conclude that it (and the wider market) may be at the beginning of a bullish phase.

Its indicators create this impression, with its relative strength index (purple) rising just beyond 80 this morning.

This indicates a substantial amount of buying pressure, as does the upwards trajectory of ADA’s 30-day average (yellow).

The latter is very close to climbing above the coin’s 200-day average (blue), with the formation of a ‘golden cross’ likely to indicate an incoming breakout rally on ADA’s part.

Yet as ADA’s support level (green) already appears to show, the coin seems to be have begun a breakout, having risen form under $0.25 as recently as the middle of October to nearly $0.38 today.

And what’s most encouraging at the moment is the coin’s 24-hour trading volume, which has risen from just under $80 million in the middle of October to close to $750 million today.

This would suggest a big surge in interest from traders in general and whales in particular, who seem to have begun accumulating the coin over the past week or so.

While excitement surrounding Bitcoin ETFs has largely been responsible for previous gains, today’s rally seems to have stemmed largely from the news that BlackRock has registered a spot-based Ethereum ETF.

hey @BlackRock