Cardano (ADA) price attempted a recovery on April 22 after a bearish takeover in ADA on April 16. However, the move proved premature as the altcoin lost value for the next three consecutive days. At the time of writing, ADA is auctioning for $0.38 after losing almost 2% in the last 24 hours. There was little activity in the Cardano market, evidenced by a 24-hour trading volume increase of an abysmal 2%. With these statistics, it appears traders have set their buy stops.
Notably, “a buy stop order is an order to purchase a security only once the price of the security reaches the specified stop price. The stop price is entered at a strike, or level, set above the current market price. It is a strategy traders use to profit from an upward movement in an asset’s price by placing an order in advance.
ADA Whales’ Busy Weekend Prepares Cardano Price For Massive Gains
Cardano whales had an eventful weekend leading up to the week, with key metrics showing that the altcoin is firing up. This came amid skyrocketing transactions taking place on the network. It happened that active ADA whales took charge specifically because of their “big hands” in the market, contributing to the spike in large transactions.
In a Twitter post, a renowned analyst in the crypto arena highlighted whale movements on the Cardano network. With his post, the analyst disclosed how whale transactions had soared recently.
Large $ADA transactions are on the rise, suggesting that #Cardano network activity is heating up as institutional players and whales make their moves.
This is a bullish sign supporting the #ADA uptrend! pic.twitter.com/Z6zOiDgdkX
— Ali (@ali_charts) April 15, 2023
Based on the analyst, the number of large transactions on the network breached the 3,000 mark last week. This was around the time when the number of ADA transactions above $100,000 rose on the Cardano network.
While a slight plunge was witnessed shortly after, it pulled back after that as transactions skyrocketed to new levels in April. Specifically, large transactions reached 4,000 on April 1 courtesy of the whales’ effort to survive the turbulent times. Towards April 11, the transactions were nearing 5,000. Now they are almost crossing the said levels.
As the altcoin consolidates sideways, it appears a pullback is brewing. This becks the question of whether to buy ADA at the current level to enjoy the projected gains before the rally begins.
Cardano Price Coils Up For A 20% Upswing, Buy Now?
Cardano (ADA) price started a massive uptrend around March 10, rising around 55% to a high of $0.45 on April 15. However, the price was rejected by the $0.46 resistance level, fueling a 15% downswing to the price of $0.38 as of the time of this writing.
An increase in buying pressure from this level could set the tone for Cardano price to soar, potentially tagging the immediate hurdle at $0.42. Beyond this level, ADA could reach high and tag the next roadblock at $0.46, thereby reclaiming the mid-April highs. Such a move would denote a 20% upswing.
Based on the one-day chart below, Cardano price appears to have found support above the confluence between the 50- and 100-day Simple Moving Averages (SMAs) at around $0.37. Notably, this was a strong support, providing a possible entry point for sidelined investors looking to join the bandwagon before the price rally.
Besides the confluence, the 200-day SMA at $0.35 also provided an entry point as it presents as a buyer congestion zone where more bulls could buy ADA.
The favorable position of the Moving Average Convergence Divergence above the mean line supports the bullish outlook for Cardano price. This suggests that bulls are leading the ADA market.
On the other hand, profit takers could threaten the bullish outlook for Cardano price. If selling pressure increases, Cardano price could drop below the support confluence at $0.37, exposing the altcoin to a cliff toward the 200-day SMA.
Failure of sidelined investors to rescue Cardano price from the downtrend could see ADA hit the $0.32 support level or, in the dire case, retrace the $0.25 support floor before a possible trend reversal.
The Relative Strength Index (RSI) position at 43 was concerning, indicating a possible downtrend.
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