- A large wallet investor in the Cardano network is scooping up an Ethereum killer altcoin based on Santiment’s on-chain data.
- ADA holders are waiting for the launch of Hydra, Oracles and stablecoin Djed, the bullish catalysts of the Cardano ecosystem.
- Cardano price is on track to reach our $0.4180 target as altcoins break above the 50- and 200-day exponential moving averages.
Cardano, a competitor on the Ethereum network and one of the largest altcoins in the cryptocurrency ecosystem, has noticed a surge in holdings of whale wallets. A member of the Cardano community awaits his three significant events on the altcoin network in 2023. The outlook for altcoins is bullish.
Also read: Ethereum Whales Predict Carnage in Altcoin Bets When ETH Price Drops Below $400
Cardano Large Wallet Investors Scoop Up ADA at a Fast Pace
Cardano, a smart contract network and Ethereum competitor, has seen an increase in ADA token holdings by large wallet investors. ADA holders between 10,000 and 100,000 tokens have consistently increased their holdings since mid-November 2022.
Based on Santiment charts, whales with between 10,000 and 100,000 coins and between 100,000 and 1,000,000 ADA scooped up ADA over the past two months.
Holding ADA Whales
Three Bullish Catalysts for Cardano in 2023
Cardano holders can look forward to three bullish catalysts: the launch of Hydra, Cardano’s layer-2 scalability solution, Jed, the ecosystem’s stablecoin, and Oracle, a more bridge connecting blockchain networks. I’m here.
Ethereum killer developers are working on an altcoin development roadmap. Cardano co-founder Charles Hoskinson has assured the community that the altcoin is on track to reach its development milestone in 2023.
Cardano Price Outlook Remains Bullish
Cardano price has broken out above two exponential moving averages at 50 and 200 days, indicating that ADA is on track towards its bullish target of $0.4180. The altcoin price is in an ascending channel with a momentum indicator, the Relative Strength Index (RSI), at 77.90, indicating that the asset is overbought.
Based on the ADA price chart, $0.3008 and $0.3059 are the two resistance levels for the Ethereum killer.
ADAUSDT perpetual contract
A break below the 200-day EMA at $0.2760 could invalidate the altcoin bullishness. Based on RSI data, Cardano is overbought, which means the asset could witness a bearish trend reversal if the bulls fail to push the price higher.