- Analyst Ali tweeted recently that ADA whales have been on a large shopping spree over the last 2 weeks.
- The altcoin’s price dropped 0.11% in the last 24 hours according to CoinMarketCap.
- There is an ascending price channel on ADA’s chart which suggests its price will rise in the next 24-48 hours.
The crypto trader Ali (@ali_charts) tweeted yesterday that Cardano (ADA) whales have been on a shopping spree lately. According to the tweet, ADA whales have scooped up 560 million ADA tokens over the past 2 weeks. The total Dollar value spent in this shopping spree is estimated to be $218.4 million.
#Cardano whales are on a shopping spree! Over the past 2 weeks, they've scooped up 560 million $ADA tokens, valued at $218.4 million. pic.twitter.com/6uaRZMbfOO— Ali (@ali_charts) April 9, 2023
At press time, CoinMarketCap shows that ADA’s price dropped 0.11% in the last 24 hours. Fortunately, however, the weekly price performance for the Ethereum-killer remains in the green at +0.88%. Currently, the altcoin’s price stands at $0.3883.
ADA has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 0.96% and 0.55% respectively. In the last 24 hours.
Daily chart for ADA/USDT (Source: TradingView)
ADA’s price is currently trading within an ascending price channel at press time which was established over the last 2-3 weeks. During this time, the altcoin’s price printed higher highs and higher lows, and went from a low of $0.3013 on 11 March to a high of $0.4093 on 31 March before retracing to its current level.
At press time, ADA’s price is being supported by the 9-day EMA line. ADA’s price may rise in the next 24-48 hours as long as it continues to trade above the 9-day EMA level.
Should the altcoin’s price drop below this level, it will drop to the nearest support at $0.3728. In addition, a drop out of the current ascending price channel will result in ADA’s price dropping to as low as $0.3516 in the next week.
However, if ADA’s price is able to stay within the positive price channel in the next 24-48 hours, then it will likely make a move to the next resistance level at around $0.4214 in the coming week.
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