Whale Alert! They Raised This Altcoin In The January Dump!

Data analysis company IntoTheBlock cardano shared data on the accumulation of whales in January.

Between 1 million and 10 million ISLAND wallets that own it bought the bottom during the January 2022 dump, making a serious rise in ADA.

cardano With the new year, it experienced a 22% retreat. Currently trading 65% below its peak, ADA seems to be holding on well compared to many altcoins. It turns out that the whales’ purchases have an effect on this stance.

IntoTheBlock explained the accumulation of ADA whales in the following terms:

Between 1 million and 10 million ISLAND The balance of holders of wallets increased by 40.65% in the first month of 2022.

These addresses now hold 24.87% of the circulating supply.

of the ADA When we look at the graph, we observe that the 1$ support remains valid. New entrants should neglect to stop under the $1 support. Because the breaking of this support will increase the selling pressure.

cardano As long as $1 is protected, the $2-$2.6 range is an area that can be evaluated for gradual selling. You can examine the Fib resistances from the chart below.

*Not Investment Advice.