Cardano Price Exceeds $1.22 as Whale Balances Decrease
Over the previous several days, many coins have experienced price reductions of varying percentages, including Cardano, the 7th largest crypto by market cap. Cardano’s (ADA) price started increasing strongly this morning. Today’s share price is up 4.2%. Nonetheless, ADA isn’t out of the woods yet. The resistance level of $1.22-$1.23 appears to be too powerful. At the time of writing, ADA was trading at $1.22.
Whale ADA Balances are Decreasing
Cardano’s amassing period persists as shark addresses continue to buy coins.
According to Santiment, an on-chain analytics platform, supply is shifting out of high/whale-tier addresses, or those with more than 100,000 ADA. This diminishing supply from the large addresses is being consumed by either the low to mid or high-mid tiers, which are gradually accumulating.
Dr. Shweta, the owner and operator of two Cardano stake pools (KIBC1 & KIBC2) reported in Feb this year that the number of long-term Cardano (ADA) holders increased by 32%. From her newest Cardano crypto price prediction, when significant crypto investors amass their Cardano holdings, the ADA coin value might increase up to 25%.
Santiment informs out that low-mid (0 to 100 tokens) and high-mid (10 to 100 tokens) token holdings have increased significantly (100 to 100k tokens). The former now owns 0.128% of the circulating quantity of PoS tokens, while the latter owns an ATH of 16.8 percent.
Essentially, this dynamic speaks to a more long-term dispersion and decentralization of the largest proof-of-stake blockchain’s native coin.
Many Cryptos Have Fallen
Last week, Thorchain (RUNE), Apecoin (APE), and Juno (JUNO) all decreased around 5% of the market cap. Near (NEAR) is down 6%, Zilliqa (ZIL) is down 7%, and ecash (XEC) is down 8%. Even if Stephen (GMT) is down 11%, it is still up more than 200 percent from a week ago. Waves (WAVES) is the stock that is falling the most today, with a decrease of more than 13%.
Will ADA Recover?
ADA is currently down 60.95 percent from its all-time highs of over $3. However, ADA has gained more than 28% in seven days, rising to $1.21 today (April 4). Over the same time frame, the total cryptocurrency market increased by 11%. Today’s price is a rebound from lows of $1.10 on April 1.
If this increasing trend continues, it might signal the end of a long-term Cardano’s bearish trend that began in September of last year at $3.1.
Tim Harrison, marketing and communications head at Input-Output Global, says that there are more than 500 projects built on Cardano’s blockchain, including NFT collections, new wallets, and DeFi lending.
As more solutions are launched on the network, Cardano is becoming more attractive to institutional investors seeking for a true value rather than speculative rewards. New ADA products, such as C1, an Eth Virtual Machine compatible sidechain, are still in the works. Users can also move assets between the two blockchains with ease.
According to CoinMarketCap, ADA is currently doing much better than all the top 10 in terms of 24-hour gains, by increasing 4.2% to $1.21.
