ADA, the token of the Cardano blockchain, has been gaining attention in the market. The token saw a significant decline in price in December 2024, but it has been recovering since then. This recovery has caught the interest of crypto enthusiasts, leading to a large accumulation of ADA tokens.
Recently, it was reported that whales, which are large investors, have accumulated over 40 million ADA tokens in the past 48 hours. This indicates that whales started buying ADA after the altcoin broke out from a consolidation zone on the daily timeframe. The report suggests that this accumulation presents a good buying opportunity for retail investors. Following this purchase, the price of ADA increased by 16%.
There are rumors about a healthcare crisis in China, which might be the reason behind the current price decline and ongoing correction of ADA. Currently, ADA is trading around $1.07, experiencing a 2.1% decline in the past 24 hours. The trading volume has also dropped by over 50%, indicating lower participation and fear among traders and investors.
Despite these factors, expert technical analysis suggests that ADA is still bullish and likely to continue its upward momentum. In the past three days, the altcoin has already surged by 32% and is now correcting itself for further gains.
There is a possibility that the market may extend ADA’s price correction for a few more days. However, if the altcoin remains above the $1 mark, there is a strong chance it could reach the $1.32 level, which would be a 25% increase. The market sentiment appears bullish, as the inauguration of the United States President-elect is expected to have a significant impact on ADA’s price.
Overall, ADA has been making waves in the market, with whales accumulating tokens and the token showing potential for further growth.
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