Cardano Bulls Gear Up for Strong Comeback Amid Whale Buying Spree
The Cardano (ADA) price has been hovering near the $0.20 resistance territory, but despite its six-times mainnet throughput milestone on the Leios testnet, it hasn't seen a significant price increase yet.
Last week, large investors bought around 160 million ADA tokens at an average price of $0.1776, with wallets holding between 10M to 100M ADA leading the purchases.
The daily trading volume of $375,658,800 suggests that a potential price upswing could be brewing, and whales have been buying ADA for ten consecutive days, pushing the Chaikin Money Flow (CMF) to 0.08.
However, the setup is conflicted, as smaller time-frames depict whales distributing assets, which could indicate portfolio rebalancing or selling, while daily price time-frames show conviction in whale purchasing.