Despite slightly dropping below the psychological price of $0.70, Cardano (ADA) continues to traverse a strong demand zone.
According to market analyst Lingrid, “ADA is testing a key support cluster with confluence from trendline and range lows. A rebound here could send the price toward the $0.84 target zone overhead.”
Crypto analyst Javon Marks also painted a bullish picture of Cardano, stipulating that the tenth-largest cryptocurrency based on market capitalization was eyeing a major breakout, which could trigger a monumental bullish move towards $2.91.
At the time of this writing, Cardano was hovering around the $0.6814 zone per CoinGecko data.
Cardano Whales Continue Calling the Shots
Renowned market analyst Ali Martinez recently disclosed that whales had made a weekly purchase of more than 180 million ADA, worth a whopping $126 million.
Therefore, this shows that large investors continuously accumulate Cardano tokens, illustrating growing confidence in the network’s long-term prospects.
Furthermore, it illustrates market stability because large holders can stabilize prices by absorbing sell pressure.
Meanwhile, Japanese interest in Cardano has been going through the roof, given that the ADA/JPY pairs have hit global highs.
This development suggested increased demand for the ADA altcoin among Japanese traders and investors. Interestingly, it comes as the global cryptocurrency market prepares for the highly anticipated altcoin season.
