\n\t\t\t\t\t\t\t\t\tCheck out which factors hint that ADA may soon head north.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Cardano\u2019s native cryptocurrency has plunged by 13% over the past month, coinciding with the bear market reigning across the entire crypto sector.<\/p>\n
However, the recent whale behavior suggests that a rebound could be on the way.<\/p>\n
Something We Don\u2019t Know?<\/h2>\n
ADA currently trades at around $0.24 (per CoinGecko), while its market capitalization has fallen below $9 billion. Thus, the asset (once part of the elite top 10 club) is now the 15th-largest cryptocurrency.<\/p>\n
Nonetheless, the large investors appear to view the price levels as a great buying opportunity. The popular analyst Ali Martinez revealed<\/a> that they have accumulated 220 million tokens over the last week alone. This stash amounts to roughly $53 million (at current rates), while whales now hold almost 13.84 billion units, or 37% of the asset\u2019s circulating supply.<\/p>\n The buying spree from these market participants may encourage smaller players to hop on the bandwagon and distribute fresh capital. After all, whales are known as experienced investors who may have inside information about upcoming news or developments that could impact the price of the cryptocurrency.<\/p>\n Earlier this month, Martinez touched upon ADA again, setting<\/a> $0.245 as a \u201ckey support level.\u201d Prior to that, the asset\u2019s valuation hovered around $0.25, and the analyst reminded<\/a>\u00a0that on previous occasions this had led to explosions of 85% and 200%.\u00a0X user ALTS GEMS Alets is also optimistic. They believe<\/a> the bottom is in, envisioning a potential pump above $0.60 in the following months.<\/p>\n ADA\u2019s Relative Strength Index (RSI) supports the bullish outlook. The ratio of the technical analysis tool has dropped below 30 on a weekly scale, suggesting the asset is oversold and ready for a possible revival. On the other hand, readings above 70 are considered bearish territory.<\/p>\n The list of factors hinting at a short-term price recovery also includes ADA\u2019s recent exchange netflow. Over the past several days, outflows have exceeded inflows, signaling that investors have been abandoning centralized platforms and shifting toward self-custody. This, in turn, reduces the immediate selling pressure.<\/p>\n Despite the aforementioned optimism among analysts and the bullish elements, some market observers remain skeptical and even hostile toward the cryptocurrency.<\/p>\n The X user with moniker gnarleyquinn, for instance, argued<\/a> that Cardano\u2019s chain is \u201cgoing to zero\u201d in the next few years, noting the evident decline in ADA\u2019s dominance. Recall that the figure stood at around 4.5% in 2021, whereas currently it is a mere 0.3%.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\nYou may also like:<\/h3>\n
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ADA Going to Zero?<\/h2>\n
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