Cardano whales enter buying spree before the Vasil hard fork - Aliens: AI Crypto News & Markets Updates












Cardano whales enter buying spree before the Vasil hard fork

FX Street

Mon, May 23, 2022


Aliens TLDR

Cardano price is likely to sweep the range low at $0.487 before establishing its directional bias.

Considering how Bitcoin price is ready to make a move, Cardano price could benefit if the big crypto favors a bullish directional bias.

In such a case, patient and sidelined investors have a good opportunity to accumulate ADA at a discount.

ADA/USDT 4-hour chart Supporting this bullish case for ADA is the supply distribution, indicated by the accumulation seen by whales holding between 100,000 to 1,000,000 tokens.

ADA supply distribution Regardless of the bullish optimism Cardano price exhibits, if sellers tank Bitcoin in the short-term, there is a good chance ADA will follow.

In such a case, if Cardano price produces a four-hour candlestick close below $0.471 it will invalidate the bullish thesis by producing a lower low.

The author will not be held responsible for information that is found at the end of links posted on this page.

The author has not received compensation for writing this article, other than from FXStreet.

The author makes no representations as to the accuracy, completeness, or suitability of this information.

FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

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