Large-scale investors, commonly known as whales, have shown increased confidence in Cardano’s prospects. Data from IntoTheBlock indicates that investors holding over $10 million in ADA have increased their positions by 134.09%. This substantial accumulation by major players often serves as a leading indicator of potential price movements.
The broader altcoin market has seen weekly trading volumes exceed $303 billion, reaching levels not witnessed since 2021. This resurgence in trading activity suggests a renewed interest in alternative cryptocurrencies beyond Bitcoin, with Cardano emerging as one of the primary beneficiaries of this trend.
Technical analysis of ADA’s price action shows the asset encountering resistance near the $0.80 mark, after briefly touching $0.8193. The presence of this resistance level has led to some profit-taking activity, though the overall market structure remains bullish.
Social media metrics provide additional context for ADA’s performance. Santiment analytics data shows Cardano achieved the second-highest social trending rank on November 16, indicating growing retail interest. The project’s social dominance has reached levels surpassing those observed during the March market rally.
Looking at holder distribution, current data shows an interesting pattern among active addresses. Approximately 77.80% of active ADA holders, representing 23,910 addresses, are currently at their break-even point. These addresses cluster around the $0.689 to $0.795 price range, suggesting a strong foundation of holders who entered positions during recent price action.
Derivative trading data from Coinglass reveals a bullish sentiment among traders, with long positions outnumbering shorts by a ratio of three to one across major exchanges including Binance, OKX, and Bybit. This imbalance in positioning suggests market participants anticipate further upside potential.
The current price movement has established several key technical levels for traders to watch. The immediate resistance zone lies between $0.80 and $0.82, while support levels have formed at $0.71 and $0.6478. These levels may play crucial roles in determining the asset’s short-term price direction.
Analysis of Fibonacci retracement levels indicates potential targets at $0.89 and $0.9871, corresponding to the 0.27 and 0.618 extension levels respectively. These technical markers often serve as reference points for traders planning their positions.
Small and medium-sized investors, defined as those holding between $100,000 and $9 million in ADA, have also increased their holdings during this period. This broad-based accumulation across different investor categories suggests confidence in Cardano’s market position.
The latest data from IntoTheBlock reveals that only 297 addresses, less than 1% of total active holders, are currently at a loss on their positions. This low percentage of underwater positions could reduce potential selling pressure from distressed holders.
Market observers note that 21.23% of addresses are in profit, indicating room for further price appreciation before widespread profit-taking might occur. This distribution of profitable positions suggests the rally may have additional upside potential.
Recent developments in altcoin trading volumes show increased liquidity and market depth for Cardano trading pairs. The weekly volume surge coincides with similar patterns observed in other major altcoins like Ethereum and Ripple.
The most recent price action shows ADA maintaining levels above $0.75, with steady buying pressure supporting the price despite periodic profit-taking. Daily trading patterns indicate consistent demand at current price levels.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.
By Nermeen Nabil Khear 
