Cardano price sees whales accumulating at highest level, 30% gain projected in April

Cardano price sees whale accumulation peaking to the highest level in over a month.
ADA breaks in the resistance area of $0.40 and is heading for a test at $0.42.
If ADA can break above $0.42, it would make a new high for 2023.

Cardano (ADA) price has bulls flocking into its price action as all starts align with the altcoin. Not only are whales staking their holdings to a new monthly high, but the underlying Cardano blockchain is also ready for some tailwinds. With positive sentiment only broadening, expect to see a vital move in April that could see more than a 30% gain and a test at $0.52.

Cardano price in favor on all fronts

Cardano price looks ready to shift another gear higher as Ethereum Virtual Machine (EVM) is scheduled to be added to the Cardano blockchain and will become the largest EVM chain with the staking rewards fully operational. Using Solidity's programming language, no new toolkits are needed for Ethereum application developers to build on the Cardano blockchain. This is a positive element of the development that can only boost the interest in Cardano coins.

ADA will thus see two driving forces, one from whales and one from developer interest, that will be enough to break that $0.421 top side from February. Once that is taken out, ADA looks prepared to jump substantially higher. April looks ready to hit $0.524

ADA/USD 4H-chart

Risk comes in the form of a firm rejection against $0.421 yet again as bulls already broke their teeth in February. Another rejection could break morale a bit and send ADA back below $0.40. That means that pressure will build on $0.388 and could see another leg lower near $0.36 with a 10% decline at hand.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.