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- Large holders have accumulated 160 million Cardano (ADA) tokens after its drop to $0.91, signaling renewed confidence in the asset’s potential for recovery.
- Crypto analysts, including Michael van de Poppe, view the 40% correction as a prime entry point for investors eyeing the next upward rally.
Following the surge past $1.1 last week, the Cardano (ADA) price has come under strong selling pressure amid the broader market sell-off. In the last 24 hours, ADA has bounced back after taking a dive under $0.80 on Friday and is once again eyeing a breakout above $1.0.
Following the 38% correction from its monthly peak of $1.30, Cardano is seeing renewed whale interest once again. Cardano (ADA) whales have shown strategic market movements, taking profits during the cryptocurrency’s rise from $1.15 to $1.33 but shifting gears as the price declined to $0.91. According to crypto analyst Ali Martinez, large holders of ADA have purchased an impressive 160 million ADA tokens since the dip, signaling renewed interest and confidence in the asset.
As of press time, the ADA price is trading 6.09% up at $0.95 with a market cap of $33.58 billion. Also, the daily trading volume has surged 29.8% all the way to $2.72 billion. As per the Coinglass data, the ADA open interest is up 11.79% all the way to $700 million. Also, the 24-hour liquidations stand at $4.49 million of which $2.23 million are in short liquidations.
Renowned crypto analyst Michael van de Poppe has highlighted a significant opportunity for investors as Cardano (ADA) experiences a sharp correction.
The altcoin has declined by 40% from its recent highs, now retesting higher timeframe support levels. Van de Poppe pointed to this pullback as a critical entry point for investors anticipating the next upward rally. “This is a prime example of waiting after FOMO has passed,” the analyst remarked.
Cardano Price Prediction and Key Factors to Consider
While crypto market analysts continue to remain bullish on Cardano (ADA), the altcoin should first break past $1 in order to confirm the uptrend. On the downside, ADA must hold the support of $0.90 on a daily closing basis to prevent further correction.
As per the CoinCodex data, Cardano’s one-month prediction currently stands at $1.2 while the three-month prediction stands at $2.27. However some on-chain data hints at some concerning numbers for ADA. Since the beginning of December, Cardano user engagement has dropped considerably with the daily active users on the Cardano blockchain dropping from 96,700 on Dec. 3 to around 40,700 on Dec. 18, as per data from Artemis.
However, Cardano’s parent organization Input Output Global has shared an ambitious strategic agenda for the altcoin. This includes facilitating seamless interchain communication, enhancing the scalability of the Ouroboros protocol stack, and developing an advanced identity and credential layer, reported CNF.
In a December 18 blog post, Charles Hoskinson expressed frustration with the Cardano Foundation’s board members, noting that they are appointed by the Swiss government rather than the Cardano community, reported CNF.
