Cardano price, along with the rest of the crypto market, is rebounding from recent lows. With bitcoin price approaching $30,000, most altcoins are following the lead to note the gains over the past 24 hours. But in addition to broader market cues, ADA is finding support from a crucial whale. Here are the details…
Altcoin price rises again
Cardano price is trading above $0.28 at the time of writing, closing the gap it witnessed after the early June crash. The third-generation cryptocurrency took a critical hit, losing more than 30% of its value in a week. At the moment, however, the altcoin is approaching the $0.3 mark fueled by the market’s bullishness. The cryptocurrency, which has increased by almost 7 percent in the last 24 hours, also observes a sudden increase in the interest of whales. These investors have now raised approximately 263 million ADA, valued at approximately $71 million, as indicated by the total listings at addresses with transactions worth over $100,000.
This accumulation took place this Monday and Tuesday. It provided a much-needed support to bring the altcoin closer to the $0.3 level. Not only is this a very important level of psychological support, it has also been tested many times in the past. Also, its recovery as support ground would also enable a return to the 200-day Exponential Moving Average (EMA) and $0.37, which coincides with the starting point of the June crash.
Will there be a sale?
In doing so, Cardano will also break through the massive demand wall of 3.69 billion ADA worth $996 million, bought by close to half a million investors at an average price of $0.32. Once the state of this supply turns into profitability, some rallies could trigger further price rally towards the aforementioned $0.37 barrier. On the other hand, the rise will also increase the chances of making a profit. This could lead to a sale that could cause prices to drop. Investors should be wary of this if they decide to jump when the Cardano price rises.
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