cardanoDespite the decline in the value of ADA, there has been a significant increase in the frequency and volume of large ADA transactions.
Leading crypto trading analyst Ali MartinezAs of March 13, approximately 135,000 addresses previously purchased approximately 5 billion ADA at a cost of $0.80, according to .
Martinez hopes to break this supply barrier as soon as possible so that Cardano has a chance to return to the $1 level. $0.80He said he needed to get it back. In the absence of such a move, the analyst predicts that investors will create selling pressure and reduce the price of ADA. 0.50 dollarsHe predicts that he will send it under.
“Cardano must quickly retrace this supply (resistance) hurdle as support to have any chance of returning to $1. Failure to do so may encourage investors to sell and push ADA to $0.50.”
ADA in a declining parallel channel since September 2021
Martinez also cardanoHe pointed out that the coin has been stuck in a descending parallel channel since the beginning of September 2021, producing the digital asset’s seventh consecutive monthly red candle.
“Now that ADA is approaching the lower trendline of the channel, the TD Sequential offers a buy signal on the 3-day chart. An increase in buying pressure could push ADA to $0.87 or even $1.”
Alongside these, Cardano’s price dropped, while there was a significant increase in the amount and volume of large ADA transactions. In just one day, on March 9, around the ADA 43 billion dollarsThe first deal was done and gave insight into how whales and institutions can invest and position themselves.
In particular, the Cardano ecosystem continues to grow and as of March 11, more than 500 projects are being built on ADA, including collections of non-changeable tokens (NFTs), DeFi loans, and new wallets.
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.