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Why Cardano (ADA) Price Could Surge In Coming Days

Manoj Nair



Cardano (ADA) Price

Cardano (ADA) Price is surging at an astounding rate, and if data from the Coinbase crypto exchange are believed, 91% of its customers purchased ADA in the last 24 hours. Cardano (ADA) price soars over 5% from a low of $0.33 to a high of $0.35. The Cardano values surged from the bottom after hectic whale accumulation and soaring trading activity.

Cardano (ADA) Price Surge Gather Speed

Cardano Prices have been steady at a $0.42-$0.55 range since May, and values did not see significant upheavals as the traders were playing the waiting game for the Vasil Hard Fork. However, most traders learning from history, which revealed that ADA prices always tanked after any hard fork, were hesitant to invest.

Another doomsday scenario was predicted by popular technical analyst Peter Brandt who cautioned that since a distinct descending triangle pattern was being formed, Cardano (ADA) prices could tank. However, Cardano influencer Dan Gambardello, the founder of Crypto Capital Venture, asked the Cardano community to remain prepared for both situations. ADA prices could tank to $0.33, but they will recover immediately after reaching this level.

As predicted on October 10, Cardano values tanked to the $0.42 support level, and the process continued till the prices reached $0.33. However, the ADA price has recovered, as predicted by Peter Brandt and Gambardello.

From $0.33, the values reached a high of $0.35, representing a jump of 5% even though trading volume surged only by 3%. Data released by Coinbase reveals that 91% of its customers purchased ADA in the last 24 hours. This is an indication of bullish sentiment.

This fact is, however, not confirmed by the technical benchmarks, and in 24 hours, EMA-20 continues to move below EMA-50, and the RSI is in the oversold region at 27.

Cardano (ADA) Price Soars Amid Whale Accumulation

Whales have also become active, and as per data received from WhaleStats, Cardano has endeared to the whales who have moved in to make a kill when the price of ADA is down. Further, it was revealed that Cardano is one of the most used smart contracts among the top 2000 BSC whales in the last 24 hours. Cardano also figures in the ten trading volumes among the 4000 prominent whales in the past 24 hours.

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