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⚠️ ⚠️Cardano: Is the ‘Biggest Threat to Bitcoin’s Dominance’ Nearing its Bottom? ⚠️ ⚠️

Cardano (ADA) has seen a significant downtrend, shedding nearly 60% of its value from its year-to-date high. However, recent performances suggest that the bearish momentum may be slowing down. ADA has found strong support around the $0.31 price range, indicating that the altcoin could be close to a local bottom.

Notably, ADA whales have been accumulating more coins, holding about 3.2 billion ADA as of September 6, 2024—higher than their holdings during the 2021 bull run. This accumulation could signal that whales are preparing for a potential bullish reversal.

While there is a possibility of ADA dipping further, on-chain data shows that whales have been increasing their holdings, and retail investors have also continued to accumulate. This growing interest suggests a potential upward momentum if the market stabilizes.

At the time of writing, around 3.73 million ADA addresses are at a loss, highlighting that many investors are waiting for a recovery. With founder Charles Hoskinson still actively involved in the project, Cardano remains positioned as a strong contender in the crypto space, possibly even threatening Bitcoin’s dominance.

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