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Why Is Cardano (ADA) Up 9% Today While the Crypto Market Stalls?

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There’s rarely a big altcoin gainer during the current market conditions, in which every breakout attempt is halted in its tracks. This is particularly true for weekend moves, as the market tends to freeze on Saturday and Sunday.

The latest example came in the past 36-48 hours. Even though the situation in the Middle East continues to develop quickly, with Trump claiming a Hormuz Strait deal is in the making and Iran refuting his statement once again, BTC and most altcoins have remained sluggish.

However, Cardano’s ADA has emerged as the clear winner this weekend, gaining over 9% and jumping past $0.19 hours ago for the first time in almost a month. Here’s the most likely reason and what could follow next.

ADAUSD on TradingView
ADAUSD on TradingView

Whales Are Buying

Since we are excluding a rally from the broader market, perhaps the most obvious reason behind ADA’s impressive resurgence over the past day has been the recent behavior of whales. These large market participants, who can influence the underlying asset’s price moves with big purchases or sales, have gone on an accumulation spree.

Santiment Intelligence data shared by Ali Martinez shows that whales have scooped more than 240 million ADA in less than a week. Their total holdings went to 14.55 billion before retracing slightly.

The analyst concluded that this substantial acquisition has helped fuel the asset’s notable 22% surge in the past five days, while the rest of the market stagnates.

Major Breakout Knocking on the Door

Another analyst going under the X moniker, Gerla, noted that ADA is “knocking on the door of a major breakout.” Their chart shows that ADA is fighting for the $0.19-$0.20 resistance level now, which capped its previous breakout attempt last month.

However, the bullish RSI divergence and the completion of an inverse head-and-shoulders suggest that ADA finally has the strength to overcome that obstacle and aim at the next one, positioned at around $0.30.

ZAYK Charts was even more bullish, indicating that a successful surge past the first resistance level could pave the way for another leg up toward $0.50.

Pranešimas Why Is Cardano (ADA) Up 9% Today While the Crypto Market Stalls? appeared first on CryptoPotato.

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