Cardano Bulls Defy On-Chain Drought as Whales Add Millions

The Cardano price prediction remains bullish above $0.2060, according to analysts. On-Chain activity has fallen by 72%.

Despite this decline in on-chain activity, whales have been buying ADA during recent dips. In fact, during last week's roughly 10% drop, large holders added more than 60 million ADA, with LuckSide Crypto noting that whale concentration in ADA is near historic highs.

The current price of ADA is trading near $0.2130, up 5% today following a hammer candle the prior session, which may signal a rebound towards its 20-day moving average at $0.20604. However, ADA still needs to clear the 0.5 Fibonacci resistance level at $0.2132 to open a path toward $0.2310.