The Cardano price is trading with a bullish bias despite a 1% slump in the last day and a 24-hour trading volume decrease of 10%. It is exchanging hands for $0.3554 at 7:30 am EST, with prospects for more gains as technical indicators look promising.
Experts attribute the surge in Cardano price to large holders, otherwise termed whales, as they continue converging on ADA. Based on reports by on-chain aggregator IntoTheBlock, these heavy-weight investors have been accumulating Cardano, taking advantage of the price range of $0.249 to $0.271 to infuse more than $600 million in capital into the ADA market at its current valuation.
$ADA got a strong vote of confidence last month. Big holders accumulated 1.89 billion ADA last month, translating to over $600 million at current prices.
— IntoTheBlock (@intotheblock) November 7, 2023
This report is corroborated by the large transactions metric on the on-chain aggregator, showing a steady rise, particularly in November. Between November 1 and November, large transactions have soared a stark 31% increase in large transactions, moving from 4,490 to 5,900.
Santiment data points to the same outlook, showing that the number of transactions moving more than $1 million worth of ADA is increasing.
It also shows that the Tether (USDT) stablecoin market capitalization continues to increase. This means new or fresh capital is flowing into the Cardano market as traders look to buy ADA. Similarly, active stablecoin deposits continue to increase, pointing to the same analogy.
Notably, Cardano stands among the few altcoins that have seen big gains in recent days, inspiring speculation of the altcoin rising.
— Starting Investments (@startinginvest_) November 8, 2023
Cardano Price Prognosis As ADA Pumps Hard
Cardano price rally has seen the altcoin break past the $0.3440 resistance level to confront the $0.3790 resistance level. However, the rally proved premature as ADA was rejected from this level to retest the $0.3440 support. Bulls are attempting another move north, pending confirmation once Cardano’s price breaks and closes above the $0.3790 level.
A move above this barricade would clear the path for the cryptocurrency to sprint to the $0.4000 psychological level. In a highly bullish case, the gains could extend for Cardano price to tag the $0.4617 range high. Such a move would constitute a 30% climb above current levels.
On the other hand, if selling pressure overpowers the bulls’ buying power, Cardano’s price could fall below $0.3440. An extrapolated fall could see the altcoin tag the 200-day Simple Moving Average (SMA) at the $0.3000 psychological level, last tested on November 2.
In the dire case, the slide could see Cardano price test the support confluence between the 100- and 50-day SMA at $0.2720. This would not only invalidate the bullish thesis but would have plunged the altcoin into the bearish grasp of the descending trendline.
While Cardano’s price works out its next move, concentrate on BTCETF, with the odds for the US Securities and Exchange Commission (SEC) approving a Spot Bitcoin Exchange-Traded Fund (ETF) increasing by the day. Experts say BTCETF has the potential for 10X gains for early investors once it goes live on exchanges.
Promising Alternative To Cardano
BTCETF, which powers the Bitcoin ETF Token ecosystem, takes the stage as the most promising alternative to Cardano. It offers willing investors a chance to get ahead of the anticipated spot BTC ETF rally before approval from the financial regulator comes in.
How do you foresee this ETF influencing the dynamics of the #CryptoCurrency market as a whole?
— BTCETF_Token (@BTCETF_Token) November 7, 2023
The Bitcoin ETF Token project is in the presale, with one BTCETF selling for $0.005. So far, collections have reached $65,021 as investors get in early before the $420,000 target is hit. Get in early on this revolutionary project as the crypto market continues anticipating the launch of a spot BTC ETF.
— BTCETF_Token (@BTCETF_Token) November 1, 2023
The project has several milestones that enlightened investors who buy early can ride with, with the first being achieving a $100 million trading volume. Here, 5% of the token supply will be burned to reduce the circulating supply of BTCETF tokens in the market. This will likely catalyze a value surge for Bitcoin ETF Token.
Explaining the first Milestone for #BTCETF! 1️⃣
$100M Trading Volume: The first recognition of BTCETF’s market presence!
When total trading hits $100M, 5% of the token supply will be burned.
Transaction tax also drops from 5% to 4%.
— BTCETF_Token (@BTCETF_Token) November 5, 2023
Get in early! Visit the Bitcoin ETF Token website here to buy BTCETF before a spot ETF launch.
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