Benjamin Cowen, a popular crypto analyst closely followed by the crypto community, is among the top bought cryptocurrencies, chasing the biggest BSC whales. Cardano (ADA) He said he looked ready for a rally in late June, but that it would happen under one key condition.
ADA to Cardano is now among the most sought after assets by the largest BSC whales
According to a recent tweet by popular whale watching platform WhaleStats, wrapped ADA on the BNB Chain (formerly known as the BSC chain) has made it to the top ten list of the most purchased digital currencies on that network.
The same data agency also noted that ADA is also on the list of the ten largest crypto holdings owned by BSC whales.
BSC whales relentlessly chasing ADA
At the time of writing, Cardano’s wrapped ADA on the BSC chain ranks fifth among the top ten digital currencies purchased, with whales holding a cumulative $19,171,741 worth of ADA on their hands.
ADA-BSC also ranks fifth on the list of cryptocurrencies with the largest trading volume in the last twenty-four hours.
JUST IN: $ADA @CardanoStiftung is back on top 10 purchased tokens among 100 biggest #BSC whales in the last 24hrs 🐳
We’ve also got $BLZ, $DOGE, $DOME, $BRIE & $LINK on the list 👀
Whale leaderboard: https://t.co/0SYnjw0xQs#ISLAND #whalestats #babywhale #BBW pic.twitter.com/5tXS5GIhhR
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) June 11, 2022
BSC whale added large amount of MATIC to its cache
Besides ADA, the whales on the BNB Chain seem to be after other cryptocurrencies like Dogecoin and MATIC.
As reported by KoinFinans on Friday, the owner of the wallet using the nickname “Scarlet Witch” made a huge purchase of meme coins and devoured 400,000,000 Dogecoins (DOGE), worth $31,666,000.
This whale, which was ranked #3 at the time of the news, sold some of its purchase on Friday, but still has $30,311,742 worth of Dogecoin, and DOGE currently accounts for 28.52 percent of the giant wallet’s crypto portfolio. Overall, BSC whales now have $47,666,195 worth of Dogecoin.
Surprisingly, the same BSC investor, who has been very active lately, also purchased a large amount of MATIC tokens earlier yesterday. Having purchased 200,000,000 tokens from this cryptocurrency, the whale paid $128,340,600 for this purchase.
However, the whale did not hold this MATIC stash and has already sold it or moved it to another address because the wallet now contains zero MATIC.
🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋 BNB whale “Scarlet Witch” just bought 200,000,000 $matic ($128,340,600 USD).
Ranked #74 on WhaleStats: https://t.co/1zsBgYri2A
Transaction: https://t.co/wNdeiqfKEO#binancesmartchain #whalestats #babywhale #BBW
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) June 10, 2022
The analyst expects a bounce in this altcoin at the end of June, but…
Speaking at a recent strategy session, Cowen told 749,000 YouTube subscribers based on Cardano’s history that the ADA is likely to the point where the analyst calls a “bull market support band”, which is a combination of the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA). He claimed he would hold a relief rally.
“During the 2018 bear market we saw a few rallies all the way up to the bull market support band, and finally we reached a kind of accumulation phase where we witnessed a kind of double bottom, and that’s more convincing than saying we’ve reached a kind of bottom where you pick up and don’t look back…
We talked about the idea that we will most likely return to the bull market support band, this is from an as yet unconfirmed idea, I don’t even know if that will happen, but one of the reasons we mention it is because we’ve talked about a June rally for Bitcoin before.”
If history repeats and Bitcoin sees a relief rally to reach the bull market support band currently near the $40,000 level, the popular crypto analyst says ADA will be on track to hit a target of around $0.80.
“If we extend this to the bull market support band, we could face an ADA price around the $0.75 to $0.80 level by the end of June. This represents a small increase over the current ADA price, maybe as much as 20 percent, and that is of course only possible assuming Bitcoin is experiencing some kind of relief rally above $30,000-32,000.”
Having a drastic drop of over 10 percent at the time of writing ADA price At the time of writing, it is at the level of 0.52 dollars.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.