Cardano Price Forecast as ADA Becomes One of the Best-Performing Assets in the Market – Are Whales Buying?
The Cardano price has spiked by an impressive 9% in the past 24 hours, reaching $0.374914 as the cryptocurrency market rises by 1% within the same period.
ADA's current price means that it has risen by 9% in the past week and also by 13% in the past fortnight, although it's down by 6% in the last 30 days.
However, with Cardano's total value locked in steadily rising, and with the Djed stablecoin witnessing increasing demand, it's likely that ADA will continue to witness steady growth in the coming months.
This is made likelier by the fact that ADA is significantly undervalued, with today's rally likely caused by bigger investors buying the altcoin at a discount to sell on later.
ADA's chart suggests that today's rally is likely to continue in the near future, given that its indicators are still nowhere near being in overbought positions.
Its relative strength index (purple) has jumped from 30 at the start of March to almost 60, revealing rising buying pressure that probably won't fade away until it tops 70.
At the same time, ADA's 30-day moving average (red) is still under its 200-day average (blue), and hasn't even begun rising yet.
As such, there's plenty of momentum left for ADA, which is currently battling a resistance level of $0.38.
If it breaks this price it could see further gains, something made likelier by the fact that it has been undervalued and oversold for the best part of the year.
This is probably the underlying reason for today's rally, with there being no obvious development or piece of news to push ADA ahead of other coins at the moment.
And despite the clear rally today, there's no reliable data to suggest that whales have been buying up the altcoin, even if its big price rise would suggest this.
Still, ADA is
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