Cardano’s two-year record fell after the market decline. After a four week bearish impact, the coin plummeted to $0.24. The December 2022 decline of ADA saw it lose over 25% of its worth.
The crypto industry’s notable attribute is volatility. Sometimes the price action of crypto assets can be the most attractive feature for investors and traders, as they reap hugely when there’s high volatility.
However, Cardano’s token is gradually staging a rebound this January. ADA has reclaimed almost a third its value from the beginning of the year.
ADA traded at $0.2687 at the time of writing. This indicates an increase over 24 hours. The ADA price is rising after a sharp decline in the previous year. ADA currently has a market cap around $9.123 billion and a dominance of approximately 1.11%.
As per CoinMarketcap ADA currently ranks in the 9th spot of top crypto assets by capitalization. If ADA stays in recovery mode, and rises above $0.30, it could replace Dogecoin for the eighth spot by market capitalization.
Investors who bought ADA at the support price of $0.24 are making profits and putting more pressure on the resistance level at $0.27.
Cardano Witnesses Whale Accumulation
Cardano is seeing more accumulation of its native token, ADA, by whales. Data from WhaleStats It is evident that BNB token holders are massively buying ADA. This trend places ADA as the most actively bought token since 2023.
ADA’s 24-hour trading volume has reached $250 million. This represents an 81.95% increase in trading volume.
The latest report on the top BNB whales addresses shows they have 19.9 million ADA coins. At current prices in crypto markets, this is approximately $5.19million.
Cardano’s Price Sustainability
It is not clear if the Cardano bullish movements will continue to be sustainable. Remember that the whales took a lot of ADA tokens out of their holdings last December. This resulted in a decrease of 211,854 tokens to 907 tokens at the ADA position size.
It also caused a price drop in Cardano’s December 2022, as ADA declined without a correlation with the market trend.
As per CoinCodex price prediction dataCardano will continue to surge over the next month. ADA is currently recovering from its losses and may continue to make more gains.
The token has accumulated 12 green days out of 30, which is equivalent to 40%. ADA’s bullish trend will see it make more gains over the next 24 hours.