Posted on

Cardano Whales Go On $600 Million Buying Spree That Could Trigger Run To $0.4

Cardano (ADA) is one of the tokens currently in the limelight as many projects do well in the ‘Atcoin Season’ as Bitcoin’s dominance cools off. The token has rallied in recent days, and one of the reasons for this resurgence has been revealed. 

Cardano Whales Are Accumulating   

In a post on their X (formerly Twitter) platform, blockchain analytics platform IntoTheBlock noted that investors’ confidence in the Cardano token grew in October as ADA whales and investors accumulated 1.89 billion ADA during that period. This translates to over $600 million invested in ADA tokens. 

Interestingly, the decision by these big holders already seems to be paying off as the majority of this accumulation is said to have taken place between the price range of $0.249 and $0.271. These big holders could be accumulating for the long term rather than moving to realize their profits as soon as possible, and these could sustain a price rally to $0.4.

Back in August, the market intelligence platform Santiment highlighted the fact Cardano was seeing its highest level in accumulation dating back to September 2022, as “whales and sharks” who were holding between 100,000 and 10 million ADA tokens had accumulated $116.1 million in ADA since May 21st.

However, the sentiment toward Cardano seemed to turn bearish in September, as data from Santiment revealed that these Cardano whales had sold or redistributed about 1.02 billion ADA during a certain period in the month. 

Can ADA Hit $0.4?

It remains to be seen whether this accumulation phase could trigger a run to $0.40. There is, however, no doubt that these whales dumping their tokens in a bid to realize profits would significantly affect Cardano’s resurgence. 

Dan Gambardello, the founder of Crypto Capital Venture, had mentioned while providing a technical analysis that Cardano’s current run could see it peak at $0.40 while almost ruling out the possibility of the token hitting the $0.45 price target before a retracement happens.

Speaking of a possible retracement, Gambardello stated that ADA could drop to around $0.29 and $0.30 based on the moving average structure. 

Another crypto analyst, Ali Martinez, also echoed this prediction as he mentioned in an X post that the TD Sequential presents a sell signal on the ADA daily chart with a possible correction to the $0.30 support level. 

At the time of writing, ADA is trading at around $0.35, up by over 1%, according to data from CoinMarketCap. 

Cardano ADA price chart from Tradingview.com

Posted on

Exploring The Resurgence Of BNB: Unveiling The Force Behind Renewed Interest

Binance Coin (BNB) has experienced a notable resurgence in the last few weeks, sparking a renewed interest in the cryptocurrency market. With its versatile applications and growing popularity, BNB has captured the attention of influential investors, leading to a surge in on-chain activities that have stirred the digital asset community.

The latest developments surrounding BNB reveal intriguing movements within the crypto space, particularly with the recent actions of a prominent whale investor. 

Whale’s Strategic BNB Acquisition And Deployment

According to a recent report shared by Lookonchain, a significant whale recently acquired a substantial amount of BNB, totaling 22,319 coins valued at a staggering $5.6 million. In an unexpected move, the whale swiftly withdrew the acquired BNB from the Binance exchange over the course of the last three days.

Rather than holding the assets, the whale strategically injected these tokens into liquidity pools on both Biswap and PancakeSwap, aiming to generate additional revenue through trading fees.

The implications of this large-scale BNB movement have been manifold, triggering notable fluctuations in the coin’s price and market positioning.

At the time of reporting, BNB is trading at $245, experiencing a minor dip of 2.2% in the last 24 hours. However, this dip comes amidst a significant seven-day rise of nearly 10%, indicating the ongoing dynamic nature of BNB’s value within the market. 

While these fluctuations are not uncommon within the volatile crypto sphere, the recent whale activity has certainly played a pivotal role in shaping BNB’s current trajectory.

Market Impact: BNB’s Price Volatility

The significance of the whale’s strategic investment and subsequent actions on Biswap and PancakeSwap cannot be understated. By adding a substantial amount of BNB to the liquidity pools, the whale has effectively contributed to the overall liquidity and trading volume of these platforms, potentially enhancing the overall ecosystem for BNB and other associated tokens. 

This move not only demonstrates the growing confidence in BNB’s potential but also highlights the increasingly diverse strategies that influential investors are employing within the cryptocurrency landscape.

Amidst these developments, BNB recently faced a temporary setback as XRP, the cryptocurrency associated with Ripple, briefly surpassed BNB in terms of market capitalization, relegating BNB to the fifth position.

However, the setback proved to be short-lived as Binance Coin swiftly reclaimed its fourth spot from XRP, underscoring its resilience and enduring appeal within the competitive cryptocurrency market.

With growing investor interest and strategic maneuvers shaping its trajectory, BNB’s chart in the coming months is poised to be a compelling narrative within the ever-evolving world of cryptocurrencies.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Posted on

Defensive Moves: XRP Bulls Firmly Shield $0.66 Before Ripple Swell 2023

XRP, the cryptocurrency associated with Ripple, has been making headlines in recent trading sessions as it grapples with a critical support level and the challenges of overbought territory.

Despite its struggles, XRP has managed to maintain its position above the $0.66 support level, reflecting its resilience in the face of market pressures.

Overbought territory refers to a situation where an asset’s price has risen to such an extent that it is considered overvalued in the short term. This often leads to a correction or a pullback in the price as traders take profits or sell off their positions.

In the case of XRP, it has entered this overbought zone, which is typically indicated by technical indicators like the Relative Strength Index (RSI) rising above 70. While this may sound like a warning sign, it doesn’t necessarily mean that XRP is ripe for selling.

Challenges Amid Attempts At Breakout

Recent attempts by XRP to break out above the pivotal $0.66 level have been met with resistance, leading to retracements. This echoes the challenges faced by the broader cryptocurrency market, where price surges are often followed by corrections.

However, XRP managed to break through the $0.60 barrier last week, driven by buying pressure from retail traders.

The cryptocurrency’s upcoming community event, the Ripple Swell, scheduled to take place on November 8 and 9 following DC Fintech Week, has generated considerable speculation and excitement.

Many are pondering whether Ripple will make significant announcements during the event, such as an initial public offering or strategic partnerships. The anticipation surrounding the event has had a positive impact on XRP’s valuation, witnessing a 14% increase in its market value.

Analyzing XRP Status

The current price of XRP, as reported by CoinGecko, stands at $0.676542, with a 2.3% dip in the last 24 hours but a notable seven-day rally of 15%. This upward momentum is indicative of the optimism surrounding Ripple and XRP’s future prospects.

The Ripple Swell event is expected to address critical industry themes, highlighting new partnerships and company milestones. Its timing, coinciding with the conclusion of DC Fintech Week, ensures that Ripple’s updates will reach an audience deeply engaged in fintech discussions.

Additionally, Ripple’s recent legal battles and the subsequent increase in the value of XRP add to the positive narrative for Ripple’s presentations at the Swell event.

Cautionary Signal

Despite the overbought condition signaled by the RSI, XRP’s reluctance to cross below the 70 level should be viewed as a cautionary signal rather than a reason to sell. It indicates that there is still potential for upside movement in the payments token.

If sidelined investors enter the market, XRP’s price could continue to rise, potentially pushing it above the $0.69 resistance level.

XRP remains in a precarious position in overbought territory, but the crypto community’s optimism and the upcoming Ripple Swell event contribute to a positive outlook for the cryptocurrency’s future. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Posted on

Market Makers Bet Big On Bitcoin Price Surge: Expert

In a series of insightful observations, Adam Cochran, a renowned expert in the field of cryptocurrency and founder of Cinneamhain Ventures, recently shared his analysis on the relationship between Bitcoin price movements and US Treasury auctions. Cochran’s comments, primarily disseminated viaX (formerly known as Twitter), offer a unique perspective on an emerging trend in the market, particularly in relation to traditional financial instruments.

Bitcoin Price Rises After Each Treasury Auction

Cochran notes a distinct pattern: “Some big market maker seems to really care about real rates vs Bitcoin (I guess in anticipation of ETF buyers?). Every time you get a good auction on US treasuries, you’ve got about 5 min before BTC takes a leg up.” This observation suggests a correlation between the outcomes of USTreasury auctions and subsequent movements in Bitcoin prices.

The essence of Cochran’s theory revolves around the concept of real interest rates and their inverse relationship with Bitcoin. Real rates refer to the interest rates adjusted for inflation. In traditional finance, these rates significantly influence investment decisions across various asset classes.

Cochran posits that a successful US Treasury auction, which typically indicates lower yields (and hence lower real rates), is quickly followed by a spike in Bitcoin prices. This trend, according to Cochran, is indicative of a market maker betting on large funds allocating to Bitcoin as a hedge against real rates.

This relationship becomes particularly significant in light of discussions around Bitcoin Exchange-Traded Funds (ETFs). According to Bloomberg experts, there is a 90% chance of a spot Bitcoin ETF receiving approval by the end of the year.

One of the reasons for this is that the US Securities and Exchange Commission (SEC) has been actively communicating with applicants such as BlackRock and Fidelity in recent weeks, as a result of which amendments to the application have been submitted. The increasing seriousness of these conversations seems to have amplified the correlation, as noted by Cochran: “Someone is making the bet that large funds will allocate to Bitcoin as a counter to real rates which would be huge.”

Furthermore, Cochran highlights the impact of Bitcoin’s price movements on the broader financial market: “The BTC momentum on any upswing is pretty clear, it’ll suck a lot of momentum out of other parts of the market, because its current catalysts are just on another scale.”

Backtest For The Theory Still Pending

In response to an inquiry about backtesting this theory, Cochran admitted the lack of long-term data but emphasized the recent nature of this trend: “Hrm, someone probably has that data? I’ve just been monitoring manually, and the correlation has only been the past few weeks to month, since the ETF convo got serious, so a long dated backtest wouldn’t hold.”

This acknowledgment points to the nascent stage of this observed correlation. Nevertheless, Cochran’s insights offer a compelling narrative linking traditional financial markets with Bitcoin. As the conversation around Bitcoin ETFs gains momentum, these observations could become increasingly relevant, offering valuable insights for investors.

At press time, Bitcoin traded at $35,278.

Bitcoin price