Cardano (ADA) institutional whales increasing engagement as price was predicted for March 31
According to cryptocurrency analyst Ali, Cardano (ADA), the seventh-largest cryptocurrency, is witnessing a growing on-chain trend. Cardano has shown an increasing tendency in its large transactions from the beginning of 2023. He emphasized the rise of significant ADA transactions on the Cardano network that cost more than $100,000.
Substantial transactions with a value of over $100,000 are frequently used as a proxy for whale behavior. This statistic might increase since a sizable amount may have been purchased or sold by this particular group of holders.
The volume of large #ADA transactions exceeding $100,000 on the #Cardano network is on the rise!
This trend indicates institutional investors’ and $ADA whales’ increasing engagement, shedding light on their investment strategies. pic.twitter.com/XiTbfX06Kx
— Ali (@ali_charts) March 16, 2023
Ali added, “This trend indicates institutional investors’ and ADA whales’ increasing engagement, shedding light on their investment strategies.”
Whales, or large holders, frequently profit from market declines or times of consolidation to buy more assets at a discount. The most recent market selling wave resulted in losses for several cryptocurrencies.
ADA/USD 4-hour chart | Source: TradingView
Cardano (ADA) dropped 3.52% the previous day to $0.326. Cardano was among the most-purchased assets by the most giant BSC whales during the previous 24 hours, according to WhaleStats.
The total value locked (TVL) in Cardano has increased significantly this year, another positive development for the cryptocurrency. In particular, from the beginning of 2023, the TVL has grown by 20% per month, reaching 358 million ADA and reaches new high of 403.91 million ADA. Cardano’s TVL is worth $131.49 million, and Minswap DEX, which has the most market share, controls approximately 33.32% of it.
Cardano (ADA) price is determined for March 31, 2023 by the cryptocurrency community
Cardano (ADA) was been having trouble finding strong support; but, once it did so at $0.30, bulls were able to successfully regain momentum. This week, the price rose quickly before hitting the $0.35 resistance level.
Notably, the price of Cardano has been predicted by the machine learning-based algorithms to be $0.3022 by March 31, 2023, by the cryptocurrency price tracking and forecasting platform PricePredictions.
Also, according to data obtained on March 16 and the combined results of 1,229 votes given by CoinMarketCap members as of press time, Cardano is predicted to average $0.3861 by March 31. If the community’s forecasts come true, the price would rise by 17.71%, or +$0.05809, from what it is now.
However, the opinion on Cardano is split according to its technical analysis (TA) on the one-day gauges at the financial news website TradingView, with the summary gauge indicating a “sell” at 13. This is what happens when oscillators are pointing to “buy” at 2 and moving averages (MA) are sticking out in the “strong sell” area at 13.
ADA 1-day trading gauges | Source: TradingView
Presently, Cardano is trading at a price of $0.3265, a decrease of 1.15% over the previous 24 hours. Yet, recent statistics show that ADA is up 1.83% during the past week.
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