Market participants show increased interest in Cardano
In an optimistic scenario, the altcoin could rise to $0.40
Risks of a fall to $0.32 remain for #ADA Market participants have recently shown increased interest in the popular altcoin Cardano (ADA): whales have accelerated the rate of accumulation of the token, and buyer activity exceeds seller pressure
We find out whether the market will be able to support the Cardano (ADA) upward trend and what heights the altcoin can reach. A week ago, on September 16, Cardano addresses holding between 100 million and 10 billion tokens held a total of 2.88 billion ADA. By today, this figure has increased to 3.02 billion. This means that large addresses have accumulated about 140 million tokens worth $49 million over the past week.
Buying activity has raised the price of Cardano by 5%. However, whales may still reconsider their positions, and then the upward trend risks being replaced by a correction. In the meantime, market participants have placed orders to buy 180 million ADA at a price of $0.35 for a total of $63 million. In contrast, orders to sell 134 million tokens for approximately $47 million are currently open on exchanges. Such data is obtained thanks to the Exchange-Onchain Market Depth metric.
