Will Whales Push Cardano to $1 Soon?
Cardano (ADA) may be getting ready to surge. Though it has met with resistance around the $0.75 level, ADA managed to climb past $0.80 on Thursday.
That did not last very long, and the coin is now down to $0.74 (ADA/USD), but it could easily go bullish again and push back toward the crucial $1 level.
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At $1, Cardano would be seen as more legitimate and a stronger contender against the higher ranking cryptocurrencies. It is already ranked #8 on the crypto charts, but a move past $1 would certainly help solidify its position or push it higher.
Cryptocurrency whales are buying up Cardano now, with 60 million in ADA coins purchased in one day. As February drew to a close, the top 100 Cardano addresses bought up more ADA at a steady rate. Those addresses in particular have been much more active lately. It looks like the whales could be readying for a bullish trend.
The wider market is surging, with Bitcoin (BTC) breaking its own records and drawing more attention to the rest of the market. That gives coins like Cardano the opportunity to advance as well, bringing in more investors and a higher chance that the prices for many coins will increase.
Cardano’s Momentum
Cardano looks like it is building up some upward momentum. If you look at the trend over the last week, Cardano has been erratic, not moving very smoothly in one direction. However, as the coin drops, it quickly turns and surges upward. Then, it holds onto some of those gains, not dropping as much during the next downward movement.
The coin has had trouble moving past $0.75, but now that it is so close to that mark, it may find a new and higher resistance level. How soon could the token get to $1?
We could see that happen in a few weeks, if the healthy crypto market continues. If we watch the Cardano trends specifically, though, it looks like it may be just over a month before it passes the $1 mark.
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