Consolidation Before Parabolic Rally Toward $1.38
Cardano (ADA) price has been on a steady rise, following the bullish trend of Bitcoin (BTC) and Gold’s impressive growth. In the past week, ADA price saw an increase of over 10 percent, reaching approximately $0.645 on April 15th, during the mid-London session.
Additionally, Cardano’s Futures Open Interest (OI) has also shown growth, with a 3.13 percent increase in the last 24 hours, bringing it to around $632 million.
Cardano Whales Capitulate
According to data from Santiment, Cardano whales holding between 1 million and 10 million ADA coins have been selling off their holdings, offloading over 100 million coins in recent weeks. As a result, this specific group of ADA whales now holds 5.65 billion coins, valued at around $3.64 billion.
ADA Price Analysis
In terms of technical analysis, ADA’s price against the U.S. dollar has been following a fractal pattern similar to the 2021 bull cycle, with some exceptions due to external factors like tariffs and the COVID-19 pandemic. With a fully diluted valuation of approximately $29 billion and a 24-hour average trading volume of around $668 million, ADA is potentially entering the final consolidation phase before embarking on a parabolic rally towards price discovery.
Market Picture
The Cardano network has evolved into a vibrant web3 ecosystem, boasting a Total Value Locked (TVL) of about $298 million and a stablecoins market cap of $31 million. The acknowledgment of the Cardano network by the U.S. SEC as a strategic crypto asset with the potential to revolutionize government contracts, including the education system, has significantly contributed to the mainstream adoption of ADA.
In conclusion, Cardano’s recent price surge, coupled with the network’s growth and recognition by regulatory bodies, indicates a promising future for the cryptocurrency. Investors and enthusiasts are eagerly anticipating ADA’s next moves as it navigates through the volatile crypto market landscape.
