{"id":515120,"date":"2023-01-06T18:00:36","date_gmt":"2023-01-06T23:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=515120"},"modified":"2024-06-11T08:10:06","modified_gmt":"2024-06-11T08:10:06","slug":"cardano-whales-start-2023-with-accumulation","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano\/cardano-whales-start-2023-with-accumulation\/","title":{"rendered":"Cardano Whales Start 2023 With Accumulation Trend That Could Be Bullish For ADA"},"content":{"rendered":"

Cardano (ADA) has seen some pretty tragic price action in the last couple of months, which has dragged its price down toward two-year lows. It still continues to maintain this downtrend and is barely moving, just like the rest of the crypto market, but some developments among large ADA investors could see some bullish momentum for the digital asset.<\/p>\n

Cardano Whales Begin Accumulating In New Year<\/h2>\n

Toward the end of 2022 when momentum in the crypt market was dropping, there had been some selling from large ADA investors. This was not out of the ordinary as the holidays have historically triggered selling and profit-taking.\u00a0<\/span><\/p>\n

Related Reading: MATIC Holders Suffer Massive Losses, Here\u2019s How Many Wallets Are In The Red<\/a><\/div>\n

Cardano whales had sold over 569 million ADA during this time. The result was more selling pressure on the digital asset that dragged its price down below $0.25, making its lowest price point since early 2021. As Santiment<\/a> notes, this saw the total holdings of investors holding between 1 million and 100 million ADA on their balances drop drastically just as 2022 drew to a close.<\/p>\n

\"Cardano<\/p>\n

ADA whales increase holdings | Source: Santiment<\/pre>\n

However, this investor class seems to have entered the new year with renewed vigor as they have already begun buying back the tokens they had dumped. The report shows that in the first five days of 2023, these large investors have already added more than 217 million ADA to their stash. This brought the percentage of supply that they now hold back up to the 57.22% level, not the highest it\u2019s ever been, but certainly an encouraging figure.<\/p>\n

ADA Enjoys The Spoils Of Accumulation<\/h2>\n

The price of ADA is already reacting to the number of coins that these Cardano whales are buying. Over the last 24 hours, the cryptocurrency has jumped back into the green, and its price has already moved above $0.27 once more.<\/p>\n

Related Reading: Ethereum Could Jump 27% To Trade At $1,600, How Is This Possible?<\/a><\/div>\n

A continuation of the accumulation trend could possibly lead to a much larger break out for the digital asset, especially now that investor sentiment is doing much better. If this happens, a 10% upside that pushes ADA\u2019s price above $0.3 will be easily achieved.<\/p>\n

\"Cardano<\/p>\n

ADA price trading at $0.26 | Source: ADAUSD on TradingView.com<\/a><\/pre>\n

Perhaps more important is the fact that the bulls are already mounting support at the $0.26 level. The successful switch from a resistance point to a support point also shows the determination of the bulls to continue the uptrend.<\/p>\n

However, there is still the threat of bears dragging down the price of the digital asset, especially with trading volume not growing as expected. Another fall below $0.25 will likely end up putting ADA\u2019s price at pre-2021 levels.<\/p>\n

Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Forbes, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Cardano (ADA) has seen some pretty tragic price action in the last couple of months, which has dragged its price down toward two-year lows. It still continues to maintain this downtrend and is barely moving, just like the rest of the crypto market, but some developments among large ADA investors could see some bullish momentum for the digital asset. Cardano Whales Begin Accumulating In New Year Toward the end of 2022 when momentum in the crypt market was dropping, there had been some selling from large ADA investors. This was not out of the ordinary as the holidays have historically triggered selling and profit-taking.\u00a0 Related Reading: MATIC Holders Suffer Massive Losses, Here\u2019s How Many Wallets Are In The Red Cardano whales had sold over 569 million ADA during this time. The result was more selling pressure on the digital asset that dragged its price down below $0.25, making its lowest price point since early 2021. As Santiment notes, this saw the total holdings of investors holding between 1 million and 100 million ADA on their balances drop drastically just as 2022 drew to a close. ADA whales increase holdings | Source: Santiment However, this investor class seems to have entered the new year with renewed vigor as they have already begun buying back the tokens they had dumped. The report shows that in the first five days of 2023, these large investors have already added more than 217 million ADA to their stash. This brought the percentage of supply that they now hold back up to the 57.22% level, not the highest it\u2019s ever been, but certainly an encouraging figure. ADA Enjoys The Spoils Of Accumulation The price of ADA is already reacting to the number of coins that these Cardano whales are buying. Over the last 24 hours, the cryptocurrency has jumped back into the green, and its price has already moved above $0.27 once more. Related Reading: Ethereum Could Jump 27% To Trade At $1,600, How Is This Possible? A continuation of the accumulation trend could possibly lead to a much larger break out for the digital asset, especially now that investor sentiment is doing much better. If this happens, a 10% upside that pushes ADA\u2019s price above $0.3 will be easily achieved. ADA price trading at $0.26 | Source: ADAUSD on TradingView.com Perhaps more important is the fact that the bulls are already mounting support at the $0.26 level. The successful switch from a resistance point to a support point also shows the determination of the bulls to continue the uptrend. However, there is still the threat of bears dragging down the price of the digital asset, especially with trading volume not growing as expected. Another fall below $0.25 will likely end up putting ADA\u2019s price at pre-2021 levels. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from Forbes, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":515131,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,14643,79508,12332,87493,12329],"class_list":["post-515120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-adausd","tag-adausdt","tag-cardano","tag-cardano-performance","tag-cardano-price"],"acf":[],"yoast_head":"\nCardano Whales Start 2023 With Accumulation Trend That Could Be Bullish For ADA<\/title>\n<meta name=\"description\" content=\"Cardano (ADA) has seen some pretty tragic price action in the last couple of months, which has dragged its price down toward two-year lows. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Cardano Whales Start 2023 With Accumulation Trend That Could Be Bullish For ADA","url":"http:\/\/wncen.com\/news\/cardano\/cardano-whales-start-2023-with-accumulation\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/cardano\/cardano-whales-start-2023-with-accumulation\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Cardano.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Cardano.jpg?fit=900%2C506"},"articleSection":"Cardano","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada","adausd","adausdt","cardano","cardano performance","cardano price"],"dateCreated":"2023-01-06T23:00:36Z","datePublished":"2023-01-06T23:00:36Z","dateModified":"2024-06-11T08:10:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Cardano Whales Start 2023 With Accumulation Trend That Could Be Bullish For ADA\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano\\\/cardano-whales-start-2023-with-accumulation\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano\\\/cardano-whales-start-2023-with-accumulation\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Cardano.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Cardano.jpg?fit=900%2C506\"},\"articleSection\":\"Cardano\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada\",\"adausd\",\"adausdt\",\"cardano\",\"cardano performance\",\"cardano price\"],\"dateCreated\":\"2023-01-06T23:00:36Z\",\"datePublished\":\"2023-01-06T23:00:36Z\",\"dateModified\":\"2024-06-11T08:10:06Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Cardano.jpg?fit=900%2C506","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/515120"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=515120"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/515120\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/515131"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=515120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=515120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=515120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}