After the general decline of the crypto market recorded Cardano a two-year low. The coin fell to $0.24 through a four-week downtrend. ADA lost over 25% of its value when it fell in December 2022.
Volatility remains one of the notable attributes of the crypto industry. Sometimes the price movement of crypto assets is the main attractive aspect for traders and investors as they reap massively when there is high volatility.
However, Cardano’s token is gradually recovering this January. ADA impressively recaptured around a third of its lost value earlier this year.
At the time of writing, ADA is trading around $0.2687, which indicates an increase over the past 24 hours. ADA price is rising after a significant slump last year. ADA currently has a market capitalization of approximately $9.123 billion and a market dominance of approximately 1.11%.
Also, according to the CoinMarketcap ranking, ADA is now ranked 9th among the top crypto assets in terms of capitalization. If ADA stays in recovery mode and bounces above $0.30, it might Dogecoin replace and take eighth place by market capitalization.
Investors who bought ADA at the $0.24 support level are shaping gains and increasing pressure on the Resistance at $0.27.
Cardano witnesses a gathering of whales
Cardano witnesses another rally of whales of its native token ADA. Data from WhaleStats shows huge holders of BNB tokens are now massively buying ADA. This trend places ADA at the top of the list of actively purchased tokens as of early 2023.
ADA has seen about $250 million in trading volume in the last 24 hours. This represents a roughly 81.95% increase in trading volume.
Cardano price spikes on the daily chart l ADAUSDT on Tradingview.com
The latest report from the top BNB whales shows that they hold a total of 19.9 million ADA tokens. This is worth around $5.19 million at current crypto market prices.
Price sustainability for Cardano
There are still doubts about the sustainability of Cardano’s new bullish move. Keep in mind that these whales massively removed ADA tokens from their holdings last December. This caused the ADA position size to drop from 211,854 to 907 tokens.
Also, this caused Cardano price to drop from December 2022 as ADA collapsed with no correlation to the market trend.
According to CoinCodex price prediction data, Cardano will continue to rise for the next month. ADA is recovering from previous losses and could see more gains.
The token recorded 12 out of 30 as green days, which is 40%. Also, with its new uptrend, ADA is likely to make more gains at the next 24-hour high.
Source: Crypto News Deutsch