Cardano Bulls Eye Second Leg Higher as Whale Accumulation Continues
Cardano's price has been on a roll, surging by double-digit percentages over the past two weeks. At the start of the week, it traded above $0.196, and experts believe that this upward momentum could continue.
The accumulation of ADA tokens by large-wallet holders, known as whales, is a key factor supporting Cardano's price rally. According to Santiment's Supply Distribution data, these whales have been steadily buying up ADA, with over 110 million tokens accumulated since Friday.
Derivatives metrics also indicate a bullish sentiment for Cardano. CoinGlass' OI-Weighted Funding Rate has turned positive, suggesting that long positions are outperforming short ones. Meanwhile, CryptoQuant's summary data shows neutral conditions in other metrics, supporting the potential upside.
The technical outlook is cautiously optimistic, with Cardano's price holding above the 50-day Exponential Moving Average (EMA) at $0.180. However, it remains below the 100-day EMA and the 200-day EMA, indicating that a sustained break above these resistance levels would be needed to ease the broader bearish structure.
Immediate support for Cardano's price is seen at the 38.2% Fibonacci retracement around $0.195, ahead of the 50-day EMA and other potential barriers.