Cardano (ADA) Price Prediction: WHales Buy 19.5B ADA in 24hrs, Can ADA Price Reach $0.5?

Cardano price has picked up speed lately and has formed a bullish reversal pattern that could result in higher prices in the long run. Most of the gains are being attributed to renewed whale activity on the network. Can Cardano sustain this bullish price action?

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Cardano price has shown a promising recovery in recent times, forming a bullish reversal pattern that could lead to higher prices in the long run. A large portion of these gains can be attributed to renewed activity by whales on the network.

Can Cardano sustain this bullish price action?

Whales Buy 19.5B ADA in 24hrs as Cardano Price Surges 3.8%

The ADA price has risen 3.8% in the last 24 hours and is currently trading at $0.3482. While the rebound could be linked to the broader market recovery following the 50-basis-point (bps) cut by the Federal Reserve on September 18, Cardano whales also played a role in it.

According to data from IntoTheBlock, ADA whale transactions spiked by over 10% in the last day, as whales moved 19.5 billion coins ($6.48 billion).

This metric indicates that large investors, especially those with a net worth of $100,000 or more, are reshuffling their positions in Cardano. As whale transactions increase, the market sentiment around the coin is usually positive and could lead to a Cardano price rally.

Gold Tokenization to Launch on Cardano

Following a partnership between EMURGO and Kinka Gold (XNK), gold tokenization is set to launch on Cardano. EMURGO is a founding partner of Cardano, and Kinka Gold is a subsidiary of a Japanese finance service firm.

As the competition to dominate the real-world asset (RWA) tokenization sector heats up, Cardano is making efforts to position itself as the preferred blockchain for this $7.16 billion industry.

The RWA industry is expected to reach $16 trillion by 2030, accounting for 10% of the world's gross domestic product (GDP).

These developments are likely to drive the ADA price higher as adoption accelerates. Recently, EMURGO also partnered with Zilliqa to enhance liquidity in both ecosystems.

ADA Price Forecast: Will Cardano Price Hit $0.5?

The ADA price has been in a continuous downtrend since mid-July 2024. However, a double-bottom pattern appears to be forming, suggesting a potential trend reversal.

Key Support and Resistance Levels

If the price breaks above the $0.360 neckline, it will confirm the bullish reversal, and the measured move suggests a target around $0.400.

As the Cardano price approaches $0.315, which is the current support zone, it could present a good accumulation zone. However, a close below this level would invalidate the current bullish narrative, indicating that the price is in a free fall.

Frequently Asked Questions (FAQs)

1. Is Cardano price set to reclaim $0.5?

2. What does the recent surge in whale transactions indicate?

3. How does gold tokenization impact the Cardano price?

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