This morning, Ali (@ali_charts), a trader in the cryptocurrency market, posted two tweets related to Cardano (ADA). In the first tweet, Ali revealed the existence of a significant sell wall for ADA, amounting to 3.85 billion, located between the price range of $0.40 and $0.42. According to the trader, breaking through this barrier could trigger a surge in ADA’s value since there is little resistance beyond this sell wall, making it easier to move forward.
#Cardano | A colossal 3.85 billion $ADA sell wall stands between $0.40 & $0.42!
Slicing through this barrier may spark a bull rally for #ADA, as it faces minimal resistance ahead. pic.twitter.com/58SdHxbCzp
— Ali (@ali_charts) April 2, 2023
IntoTheBlock’s ADA insights
Later, the trader tweeted on Twitter that recent on-chain statistics from IntoTheBlock suggested that ADA whales, defined as individuals who possess between 1 million and 10 million ADA, had bought around 150 million ADA in the last month. Based on the rates currently being offered, the overall worth of these acquisitions is about $57 million.
Whales may try to erode the sell wall that Ali mentioned in the initial tweet. If successful, this could lead to a surge in ADA’s value. Nevertheless, there is still a substantial obstacle to overcome before traders and investors consider investing in ADA for the long term.
It is important to note that the ADA whales discussed earlier could be responsible for establishing the significant sell wall and investing $57 million in ADA over the past month. They did this to elicit a Fear Of Missing Out (FOMO) response from traders and investors, hoping the sell wall would catch them.
ADA holds ground: Weekly growth
According to data provided by CoinMarketCap, the current price of ADA in trade is $0.3986. This is a drop of 0.45 percent over the last twenty-four hours. Yet, despite the recent decrease in value, the weekly price movement of ADA continues to go toward a favorable trend, with a growth of +10.63 percent.
Against Bitcoin (BTC) and Ethereum (ETH), ADA has seen substantial growth over the previous day, that is, 2.08 percent and 1.71 percent, respectively, stronger than before.
The post Cardano Faces Significant Sell Wall as Whales Buy Millions Worth of ADA appeared first on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/cardano-faces-significant-sell-wall-whales-buy-millions-worth-ada/
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