Large investors purchased over $180 million worth of ADA last week, potentially signaling a new price rally for Cardano.
Large Investors' Activity
Cardano has seen a price increase over the past 24 hours, reaching $0.76 per ADA, a 7% gain for the week. Analyst Ali Martinez reported that large investors bought 240 million ADA last week. This activity may encourage retail investors to join the Cardano ecosystem and reduce ADA's circulating supply, which could lead to a price increase.
Potential Targets for ADA
Analysts believe ADA is poised for significant price moves. Analyst FOUR predicts that holding the current support at $0.68-$0.70 could lead to a price increase to $1.30. Coin Signals forecast a 'breakout' for ADA after consolidation around the 200-day EMA, with a target range of $1-$1.50.
Technical Indicators Analysis
However, it's worth noting that ADA's Relative Strength Index (RSI) is nearing the overbought zone, suggesting a potential correction despite the current bullish sentiment.
Whales purchasing ADA could act as a catalyst for growth in the Cardano market, though investors should consider current technical indicators.
