With the new year, the crypto money market has come to life, albeit a little. Binance whales are chasing 5 altcoins, including Cardano (ADA). According to market intelligence platform Santiment, ADA has experienced a surge due to whales.
Binance whales are concentrating on these altcoins!
Whale-watching platform WhaleStats closely monitors whale activity in Cardano (ADA) and XRP (XRP). According to WhaleStats, ADA and XRP have returned to the top 10 in terms of trading volume among the 500 largest Binance whales in the past 24 hours. However, YooShi (YOOSHI), Zilliqa (ZIL), and PancakeSwap (CAKE) also made their way into the whales’ list.
Addresses holding between 1 million and 100 million ADA have added 217.2 million ADA to kick off 2023, according to on-chain analytics platform Santiment. By the way, the same situation is observed for XRP. Because whales, which have 1 million to 10 million XRP in the last six months, have increased their assets by 25%. Thus, they have increased their total XRP holdings to 4.09 billion XRP. This degree of accumulation is typical of market bottoms, Santiment says.
As you follow on Kriptokoin.com, 2022 has been a difficult year for the crypto market due to the sharply falling prices. Evaluating traders’ profit or loss, the 30-day MVRV for XRP shows that short-term traders are currently at a loss. Therefore, it is possible for traders to hesitate to sell their cryptocurrencies at a loss. Therefore, this is likely to lead to a rise in the price of XRP.
ADA price analysis
ADA started the week with a negative performance and hit its lowest point at $0.240. However, it saw a gradual increase in value in the first four days of the week. On the fifth day, there was a sudden increase in ADA value. ADA rallied from $0.2687 to $0.2742 in a matter of hours. ADA reached a maximum price of $0.275 on its bullish path. Currently, ADA is up 2.35% in the last 24 hours and is trading at $0.2718, according to CoinMarketCap.
Crypto analyst Chryzano Ariston draws the following technical picture for Cardano (ADA). ADA has been bearish and has been setting new lows since mid-November. Specifically, ADA tested the 200-day MA in mid-December. However, he did not break it. Currently, ADA is testing the 200-day MA for the first time in 2023. Interestingly, ADA touched the upper Bollinger band. Therefore, the market may correct prices in the future.
The RSI index is 64.53 and it is tilting downwards, indicating that prices will fall further. If the bulls press further, ADA could break the very close immediate resistance. If ADA breaks the 200-day MA, it will be targeting resistance 1. However, if the bears dominate the market, ADA will land at Support 1.