Cardano’s big players, known as whales, have caused a stir in the market by conducting transactions worth over $13 billion on average each day over the past week. This surge in activity comes at a time when the market is experiencing a downturn.
Cardano whales, those holding large amounts of ADA, have significantly increased their transaction volume. In fact, their transactions have surpassed those of Dogecoin and Litecoin whales by a considerable margin.
Cardano Whales Propel Transaction Volume Amid Wallet Decline
According to data from Into The Block, Cardano’s heavyweight investors have been remarkably active, with an average daily transaction volume of $13.84 billion over the past week. This robust activity underscores the vitality of the Cardano ecosystem, demonstrating significant movement and liquidity.
Comparatively, Cardano’s transaction volume stands out among major cryptocurrencies. Despite being relatively new in the blockchain space, Cardano’s volume rivals that of established cryptocurrencies. It amounts to a third of Bitcoin’s current volume and surpasses Litecoin’s volume by five times. Remarkably, ADA’s transaction volume exceeds Dogecoin’s by over sixteen times.
However, despite this impressive transaction volume, the number of active wallets for Cardano has seen a substantial decrease. Santiment reports indicate a decline in active wallets within Cardano’s ecosystem, even as Bitcoin and altcoin assets like Dogecoin experience fluctuating trends. This decline coincides with volatile market conditions, where choppy prices are testing investor sentiment across various digital assets.
Cardano Faces Downward Pressure Amid Market Volatility
Amid challenging market conditions, Cardano experienced a dip today, reaching a low of $0.4481. As of the latest update, ADA was valued at $0.4534, marking a 3.20% decline. Despite this, it maintained its position as the 10th largest cryptocurrency with a market cap of $16.17 billion. The trading volume for Cardano also surged by 7.63% to reach $281.54 million.
Currently, Cardano seems to be following a downward trajectory, demonstrating a consistent pattern of decline. Despite several attempts, ADA has struggled to break through this trend, indicating the persistence of the prevailing downtrend. Analysts have warned that ADA is approaching a critical support level around $0.450. A breach below this threshold could lead to further downward movement, with the next significant support expected around $0.4280.
On the upside, ADA faces resistance at $0.4920, followed by a psychological barrier at $0.500. A successful breakthrough above this resistance zone could ignite a bullish sentiment, potentially driving Cardano towards $0.5250 and even $0.5650 if the bullish momentum strengthens.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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