- Cardano network’s large wallet investors are scooping up the Ethereum-killer altcoin, on-chain data from Santiment shows.
- ADA holders are awaiting the launch of Hydra, Oracles and the stablecoin Djed - bullish catalysts for the Cardano ecosystem.
- Cardano price is on track to hit the $0.4180 target as the altcoin climbs above the 50- and 200-day Exponential Moving Averages.
Cardano, Ethereum network’s competitor and one of the largest altcoins in the crypto ecosystem, noted a spike in whale wallet holdings. Cardano community members await three critical events in the altcoin’s network in 2023. The outlook on the altcoin is bullish.
Also read: Ethereum whales predict bloodbath in the altcoin bet on ETH price decline below $400
Cardano large wallet investors are scooping up ADA at a fast pace
Cardano, a smart contract network and competitor of Ethereum, has witnessed an increase in ADA token holdings of large wallet investors. ADA holders with 10,000 to 100,000 tokens have increased their holdings consistently since mid-November 2022.
Based on the chart from Santiment, whales holding between 10,000 and 100,000 coins and 100,000 and 1,000,000 ADA have scooped up ADA over the past two months.
%20[18.40.17,%2008%20Jan,%202023]-638087878388649151.png)
ADA whale holdings
Three bullish catalysts for Cardano in 2023
Cardano holders are looking forward to three bullish catalysts: the launch of Hydra, Cardano’s layer-2 scalability solution, Djed, the ecosystem’s stablecoin and more bridges connecting the blockchain network, Oracles.
The Ethereum-killer’s developers are working on the development roadmap for the altcoin. Charles Hoskinson, the co-founder of Cardano, has assured the community that the altcoin is on track to meet its developmental milestones in 2023.
Cardano price outlook remains bullish
Cardano price has surpassed its two Exponential Moving Averages at 50-day and 200-day, implying ADA is on track to the $0.4180 bullish target. The altcoin’s price is in an ascending channel, and the Relative Strength Index (RSI), a momentum indicator, is 77.90, implying the asset is overbought.
Based on the ADA price chart below, the $0.3008 and the $0.3059 are the two resistance levels for the Ethereum-killer.
ADA/USDT perpetual contract
A decline below the 200-day EMA at $0.2760 could invalidate the bullish thesis for the altcoin. Based on data from the RSI, Cardano is overbought, implying the asset could witness a bearish trend reversal if bulls fail to push the price higher.
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.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.