Cardano (ADA), the ninth largest cryptocurrency by market capitalization, has seen a surge in Large Holder Netflows, an indicator that estimates changes in the positions of whales, this week.
According to IntoTheBlock, Cardano Large Holder Netflows have skyrocketed 393%. This remains significant as a positive large holder netflow might imply accumulation from large holders, or whales. This appears to be the case as ADA rallied for seven straight days in the past week.
The broader cryptocurrency market’s positive momentum has benefited ADA, which has reached multi-month highs. ADA surged to highs of $0.659 on Sunday, a level last reached in March this year.
Whales may be taking calculated steps to maintain their present ADA accumulation levels, maybe in preparation for future changes in the Cardano ecosystem. This pattern implies that major investors may be setting themselves up for future profits, indicating optimism in Cardano’s prospects.
Although up 74% on a weekly basis, ADA was down 2.06% on the day to $0.581 as the cryptocurrency market paused its explosive run that started a week ago.
What’s next for ADA price?
In Tuesday’s session, bulls in the cryptocurrency market took a little break, with Cardano plunging to lows of $0.556 after peaking at $0.654.
On November 4, Cardano hit support at lows of $0.32, starting a new move that saw it skyrocketing for seven days in a row. Given that ADA reached highs of $0.659 and $0.654 on November 10 and 12, respectively, the uptrend appears to be facing selling at $0.66.
Profit-taking followed the most recent effort to hit $0.66; nevertheless, the good news is that bulls have not given up much ground.
Should there be a decline, support is anticipated around $0.53 before $0.49. A successful breach over $0.66, however, would target $0.684 before the annual high of $0.81.
