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410 million Cardano (ADA) were caught up in bullish whale activity over the last month, as prices fell across the board as investors weighed macroeconomic concerns.
In a recent tweet, crypto analyst Ali reported that "whales accumulated over 410 million ADA in April."
In April, Cardano saw significant volatility, rising as much as $1.19 upon the initial news of a strategic crypto reserve, and dropping to as low as $0.6247 in the month. Cardano closed the past month of April in green despite the price drop, although with minor gains of 4.6%.
However, as prices fluctuated wildly in April, whales or large holders took the opportunity to accumulate more coins, possibly in anticipation of higher prices.
ADA price action
After significant volatility in April, ADA's price settled to trade in a range between its daily moving averages of 50 and 200 at $0.673 and $0.773, respectively.
The range has narrowed since April 25 as the battle between bulls and bears intensifies, but neither has been able to gain the upper hand.
Bulls will need to push the ADA price above $0.75 and then the daily SMA 200 at $0.773 to gain the upper hand. If they do that, ADA could rally to $0.83. Sellers will try to halt the up move at $0.83, but if the bulls prevail, ADA could reach $1.
On the downside, a break and close below the daily SMA 50 at $0.673 shifts the short-term advantage in favor of the bears. ADA could drop to $0.58, where the buyers are expected to step in.
In the coming days, the broader market sentiment will be watched to deduce where ADA trends next.
Vladislav Sopov