Cardano (ADA) Faces 5% Dip Amid Whale Activity, But Long-Term Outlook Remains Bullish
In the last 12 hours, Cardano (ADA) has experienced a 5% decline , bringing its price to $0.382 . Despite this short-term dip, Cardano has increased by 6.8% over the past week​( CoinGecko )​( Cryptonews ). Its market cap now stands at $13.9 billion , with a 24-hour trading volume of approximately $334 million ​( CoinGecko ).
Key Market Developments:
Whale Accumulation : Over the past few weeks, whales have accumulated a significant amount of ADA, totaling $85 million . This suggests growing confidence in ADA's long-term potential. Such accumulation often indicates an anticipation of future price increases​ CoinGecko ).
Technical Overview : ADA is currently testing support at the $0.38 level, with analysts expecting a potential breakout if the price can sustain this position. The Relative Strength Index (RSI) remains neutral, indicating that ADA is not overbought or oversold​( Cryptonews ).
Hydra Development and Institutional Growth : The Hydra head protocol , Cardano's Layer-2 scaling solution, is expected to be a major catalyst for the ecosystem’s growth by 2025. Hydra will allow faster transactions and greater scalability, positioning Cardano for wider institutional adoption​( Cryptonews ).
Read More: https://onthenode.com/cryptocurrency/cardano-ada-faces-5-dip-amid-whale-activity-but-long-term-outlook-remains-bullish
In the last 12 hours, Cardano (ADA) has experienced a 5% decline , bringing its price to $0.382 . Despite this short-term dip, Cardano has increased by 6.8% over the past week​( CoinGecko )​( Cryptonews ). Its market cap now stands at $13.9 billion , with a 24-hour trading volume of approximately $334 million ​( CoinGecko ).
Key Market Developments:
Whale Accumulation : Over the past few weeks, whales have accumulated a significant amount of ADA, totaling $85 million . This suggests growing confidence in ADA's long-term potential. Such accumulation often indicates an anticipation of future price increases​ CoinGecko ).
Technical Overview : ADA is currently testing support at the $0.38 level, with analysts expecting a potential breakout if the price can sustain this position. The Relative Strength Index (RSI) remains neutral, indicating that ADA is not overbought or oversold​( Cryptonews ).
Hydra Development and Institutional Growth : The Hydra head protocol , Cardano's Layer-2 scaling solution, is expected to be a major catalyst for the ecosystem’s growth by 2025. Hydra will allow faster transactions and greater scalability, positioning Cardano for wider institutional adoption​( Cryptonews ).
Read More: https://onthenode.com/cryptocurrency/cardano-ada-faces-5-dip-amid-whale-activity-but-long-term-outlook-remains-bullish
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