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After 190 million ADA, large holders added 50 millions ADA in 48-hours.
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Cardano’s Lace wallet now supports Bitcoin for the very first time.
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Analysts suggest ADA could reach $2 if the daily closing price is above $1.15.
Cardano (ADA), despite its relatively stable price, is experiencing a massive increase in trading volume.
Data shows a dramatic jump of 63.84% in the 24-hour trading volume for ADA, reaching more than $1.12 billion. Whales; large ADA holders, are actively increasing stakes. They have added over 50 million ADA in the last 48 hours.
This whale purchase was made just one day earlier, for 190 million ADA. Despite all the whale activity, ADA hasn’t changed much in price.
Input Output Global, the company behind Cardano’s blockchain, announced that its Lace wallet was now multi-chain. As it stands, Bitcoin will be integrated into the Cardano Blockchain for traders who adopt Lace wallet.
What’s holding ADA back?
Cardano is currently in a holding pattern. Its price is primarily trading between $0.69 to 0.75.
The price of ADA is relatively flat despite the positives that come from the increased whale activity and Lace’s new Bitcoin support. Analysts predict that if the price falls below the $0.69 level of support, it could fall even further to $0.57 or $0.60.
Technical indicators provide context. The Relative Strength Index (RSI), which is currently at 46.14, indicates neutral momentum. Bollinger Bands (BB), indicate that the next resistance level is 0.76. The stronger resistance is 0.93. At the time this report was written, ADA traded at 0.71. This is down 1% in the last 24 hour.
Related: The “Winning” PEPE whale buys more as Binance wallet sees heavy traffic
Cardano Investors watch these key ADA price levels
Signals suggest Cardano could break out soon despite the recent price stagnation. Current data indicate relatively low selling pressure for ADA, increasing the likelihood that the price will test the resistance level of 0.75.
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Crypto analyst Ali Martinez shared this chart, pointing out that if Cardano closed above 1.15 on a daily chart it would confirm a bullish wedge pattern with descending right-angled angles. This pattern indicates a possible significant price surge that could push ADA to the $2 mark.
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