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August 7, 2022

Cardano (ADA) Market Update 08/07

The Cardano (ADA) market has been remarkable recently, with network activity hitting new heights and optimistic emotions remaining strong. A recent accumulation tendency seen among ADA addresses positions the asset for a major ascent, should it survive the next days.

A new Santiment chart reveals a frenzy of ongoing accumulation by ADA’s shark and whale addresses, which have 10,000 and 10,000,000 ADA tokens, respectively. In only eight days, these two address groups had accrued $138M worth of ADA.

The accumulation level remains very modest in comparison to previous occurrences. Nonetheless, having added 0.46 percent of ADA’s existing supply since July 27th, the accumulation looks to be gathering traction, and if continued throughout August, it might pave the way for a major ADA breakout.

This accumulating pattern is the first seen by the Cardano community since the major dump in mid-June, when ADA along with other markets lost a large chunk of their value between June 10 and June 18. During this time, the Crypto Winter’s impact was felt the strongest, and like other assets, ADA is gradually regaining its losses.

As ADA confronts a period of consolidation around the $0.50 zone in the wake of July’s relief rally, a fresh wave of bullish enthusiasm might be the impetus for the asset’s breakthrough from this level. The presence of whales might influence and expedite this process.

Considering that ADA has been confined to the $0.50 level for some time, this level implies that the asset is progressively improving, as psychological support looks to be anchored in the half-dollar region. ADA seems to have surpassed the $0.45 support level and is now expecting a push to surpass the $0.50 level.

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ADA comfortably trades at $0.52 at press time, having increased around 1.55 percent of its value over the last 24 hours. ADA’s current market cap has seen better days, but at $17.5B, the valuation appears better than it did in mid-June when ADA was battling to crack the $0.40 threshold when it was valued at $13.8B.