Amid the recent bearish trend, Cardano (ADA) whales have made a splash. Cardano whale trading volume has recently surged, with an average daily volume of over $13 billion last week. Moreover, ADA whales have surpassed Dogecoin (DOGE) and Litecoin (LTC) whales by a wide margin.
Cardano whales have hit the market, and according to insights from Into The Block, these heavyweight investors have been very active, averaging $13.84 billion in daily volume over the past week. This figure is a testament to the strong activity within the Cardano ecosystem, showcasing tremendous liquidity and liquidity.
What is particularly striking is how this volume compares to other major cryptocurrencies. Despite being relatively new to the blockchain space, Cardano has an impressive volume, equivalent to one-third of Bitcoin’s current volume. Even more surprising is that its volume is more than five times that of Litecoin. Moreover, ADA’s volume is more than sixteen times that of Dogecoin.
However, the number of active wallets for Cardano has dropped significantly. According to Santiment, despite the increasing number of non-empty Bitcoin wallets and the volatile trends of altcoin assets such as Dogecoin, the Cardano ecosystem is experiencing a downturn. Moreover, this decline is occurring amid volatile market conditions, with price fluctuations testing investor confidence in various digital assets.
ADA Price Today
Amid unfavorable market conditions, Cardano price has fallen to a low of $0.4463 today. At press time, ADA price is $0.4545, down 3.20%. The cryptocurrency has a market cap of $16.17, ranking it as the tenth largest digital currency. Meanwhile, Cardano’s trading volume has surged by 7.63% to $281.54 million.
Currently, Cardano seems to be stuck in a downward trajectory, as evidenced by the ongoing falling pattern. Moreover, despite multiple attempts, ADA has been unable to break through this barrier, suggesting that the current downward trend persists. Moreover, analysts warn that ADA is approaching a critical support level of around $0.450.
A break below this threshold could trigger a further downward spiral. Meanwhile, the next important support is expected at $0.4280.However, on the upside, ADA faces resistance at $0.4920, followed by the psychological barrier of $0.500. A breakout above this resistance zone could spark a recovery. If the bullish sentiment gains strength, it might even push Cardano towards $0.5250 or even $0.5650.
