Whales Buy 80 Million ADA: Can Cardano Price Hit $1.50 Now?

Highlights:

• Cardano’s price drops 3% to trade at $1.10 as trading volume slips. 
• Whales bought 80 million DOGE during the recent price correction. 
• Increased buying appetite in the Cardano market could cause a rally to $2 

The Cardano price has slipped 3% to $1.10 as the crypto market experiences a market-wide sell-off. Its trading volume has also plunged 25% to $1.67 billion, showing a recent fall in market activity. 

Despite the fall, some Cardano whales are taking advantage of the dip to accumulate more ADA. This is evident as these large holders purchased approximately 80 million ADA in the past 48 hours, per Ali charts.

#Cardano whales bought over 80 million $ADA in the last 48 hours! pic.twitter.com/hCBb40Fri6

— Ali (@ali_charts) December 12, 2024

This buying behavior often stabilizes or pushes the price up, as it reduces the available supply on the open market. So, ADA can capitalize on the interest from large-volume traders, potentially rallying to $ 1.50 or above $2.

Cardano Statistical Data

Based on CoinmarketCap data:

• ADA price now – $1.10
• Trading volume (24h) – $1.67 billion
• Market cap – $38.67 billion
• Total supply – 44.99 billion
• Circulating supply – 35.11 billion
• ADA ranking – #9

On Dec 9, the Cardano price fell like a dead weight in the air with no strong guards to keep the bearish sentiments in check. However, the bulls gathered some stamina at around the $0.91 support level, regaining composure to prevent further downward losses. Currently, the token sits at $1.10, as the bulls aim to hit $1.50 in the short term. 

Meanwhile, the token trades above all the moving averages, with the $0.76 and $0.47 acting as immediate support. The Golden Cross in the market affirms the long-term bullish outlook, which could see ADA price jump to $1.50 or $2. Meanwhile, investors can keep their long positions open, assured by Golden Cross. 

The cryptocurrency’s relative strength index has climbed from the oversold region, signaling a rising bullish momentum. The RSI remains healthy at 59.00, indicating that bullish sentiment is still intact, with room for further upside before a correction becomes likely.

Cardano Price Poised for a Rally to $1.50

The Moving Average Convergence Divergence (MACD) is also in positive territory; however, it has flipped below the orange signal line. This indicates that the seller’s momentum has exceeded the buying pressure. The MACD also hints at a sell signal, suggesting that the Cardano price could undergo a slight correction before the expected rally. Similarly, the MACD histograms are fading, indicating waning bullish sentiment.

If the $0.91 gives way, the Cardano price could fall through. Nevertheless, the bullish sentiment for the ADA price would only be invalidated below the $0.76 support. Such a move would also indicate a change in market structure. Conversely, if the $0.91 support level holds, bulls could seize the opportunity to push the Cardano price to $$1.50. In a highly bullish case, the gains could extrapolate to record a new range high of $2.