Today’s trading session is showing signs of Cardano’s price closing the market with a net gain. This will mark the second consecutive day that Cardano prices are rising in the markets.
The sudden reversal of fortunes for Cardano comes amidst increased interest from whales, who now hold 46.6 per cent of the cryptocurrency supply. This is the largest share of the cryptocurrency that the whales have held in the last two years. This is according to Santiment, an online behaviour analytics platform.
Surprisingly, even with the increase of interest from whales, the cryptocurrency also recorded a drop of over 26 per cent of its trading volume in the past 24 hours. This brought the total value of traded Cardano assets to $1.014 billion in 24 hours.
Today’s trading session saw Cardano prices gaining in the markets. The surge in price is likely to mark the end of the current bearish move that started on April 4th and has seen the crypto lose over 20 per cent of its value.
The daily chart below shows Cardano trading within support and resistance levels of $0.78 and $1.24, respectively. Recently, the prices hit the resistant level, and since then, the prices have been on a bearish trend. However, since yesterday, the prices have stopped aggressively moving downwards towards the support level. Instead, a new bullish trend has formed, and today’s prices are a continuation.
Therefore, my Cardano price prediction is there is a likelihood that the bullish trend we have seen in the last two days is a trend reversal. This will mean that Cardano has exhausted its bearish move towards the support level. I expect the prices to continue with the upward trend.
There is also a high likelihood that the current bullish trend will see the prices rise to the previous resistance levels of $1.24. As outlined above, the current bullish trend may also result from more whales buying the cryptocurrency. If that is the case, then expect the prices of Cardano to continue rising.
This post was last modified on Apr 13, 2022, 08:30 BST 08:30