The Cardano price is up 17.5% on Dec. 14 to trade at $0.655 outperforming all the other top non-stablecoin cryptocurrencies as whales enter the scene.
Other top-capped layer 1 tokens also recorded stunning performances with Solana (SOL) rising 10% to trade at $71 and Avalanche posting 9% gains to exchange hands at $38.
Top Cryptos Dec. 14
The current rally in ADA price has been attributed to increasing whale activity on the blockchain. According to data from IntoTheBlock – an on-chain analytics platform — the recent spike in large transactions hitting the $1.5 billion mark reflects the heightened interest in whales in the Cardano network.
The substantial surge in whale transactions, typically valued at a minimum of $100,000 each, has propelled the overall volume by 78% to $2.02 billion, according to data from CoinMarketCap. This is reinforced by data from Santiment, a crypto market intelligence firm, which showed that ADA's trading volume rose in tandem with the price over the last 24 hours from $1.22 billion to $2.02 billion.
Cardano Price vs. Volume Chart
The ADA price is trading in a ninth straight bullish session on the weekly chart, suggesting that the uptrend is strong. If Cardano edges higher from the current price, the levels to watch for the upside are the $$0.84 resistance level and the psychological level at $1.0.
Another key level to watch is the $1.17 supplier congestion zone which was flipped from support during the 2022 bear market. Note that ADA bounced off this level in July 2021, posting over 170% gains to record highs around $3.16. If bulls manage to push Cardano past this level, they may be bolstered to scale it higher.
ADA/USD Weekly Chart
Cardano's positive outlook is supported by the upward movement of the relative strength index (RSI). Its position at 84 in the overbought territory showed that ADA's uptrend was strong.
In addition, the same weekly chart shows that Cardano sits on strong support. The area between $0.388 and $0.490, where all the major moving averages lie, provides immediate support for the crypto.
Perhaps the most significant support for Cardano lies within the $0.140 and $0.410 demand zone which provided a launchpad for the buyers in early 2021. From there, Cardano rallied $1649 to set a swing high at $2.50.
This makes it a key level to watch on the downside in case the ADA corrects and slides back into this demand zone.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.