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As transaction volumes reach their peak in 2023, Cardano (ADA) whales aim for $0.50

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As transaction volumes reach their peak in 2023, Cardano (ADA) whales aim for $0.50

cardano

Briefly

  • after experiencing a decline of 5% in May, Cardano (ADA) began June 2023 optimistically, pointing to a possible rebound.
  • The rise in whale transactions suggests that the increased popularity of the network might lead to a price break toward $0.40.
  • Without precedent for 2023, on June 1, Cardano’s day to day network exchanges hit an achievement, arriving at 105,000 exchanges.

Cardano (ADA) cost declined 5% in May. On-chain information shows that the bullish financial backers have begun June 2023 on the front foot. ADA appears poised for a positive June performance as transaction volumes surge to new highs.

Since the native Djed stablecoin was introduced in March 2023, transactional activity on the Cardano network has increased. What’s more, on June 1, it arrived at another 2023 pinnacle.

How much of an impact could this have on the ADA price given that whale investors have also increased their trading activity in recent weeks?

 

 

Cardano Transaction Volume has Hit a New Peak

On June 1, the Cardano blockchain network recorded 102,860 confirmed transactions. This addresses a 70% increment based on what was recorded on May 1.

 

The outline underneath shows that the all out exchanges on May 31 remained at 105,000. In December 2022, Cardano transaction activity reached these heights for the last time.

The underlying native coin is in demand when economic activity on a blockchain network rises at this rate. ADA may gain sufficient bullish momentum to cross the $0.40 resistance if Cardano is able to maintain this ground-breaking level of traction.

 

 

Whales Are In on The Action

Powered by Ordinals, Layer 1 networks like Bitcoin, Litecoin, and Dogecoin have all experienced triple-digit spikes in transaction volumes. Due to their light weight and low economic value, these NFT and meme tokens have been widely criticized for taking up block space.

Cardano, on the other hand, is not comparable. The new spike in ADA exchanges has been driven significantly by enormous institutional financial backers.

The diagram underneath shows that, as absolute exchanges rose by 70% in May, Whale Exchanges likewise expanded by 200% during a similar period.

The number of confirmed transactions with a value of more than $100,000 is tracked by the Large Transactions metric. A bullish sign means that whale investors are increasing their stakes in the underlying asset whenever it rises.

In conclusion, the recent surges in Cardano network economic activity can be attributed in large part to the rising whale activity. The price of ADA is likely to break some new ground in the coming weeks if the trend continues.

 

 

 

 

 

 

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ADA Price Prediction: $0.50 Incoming?

According to the Break-Even Price Distribution information provided by IntoTheBlock, Cardano may soon reclaim the $0.50 milestone.

However, ADA may have trouble breaking above the $0.40 initial resistance. When they break even at $0.39, 392,400 investors holding 571 billion coins could sell and inadvertently initiate a retracement.

However, those holders could become bullish and push the rally toward $0.50 if the bullish momentum continues.

 

However, if the ADA price falls below $0.35, the bullish Cardano price prediction could be short-lived. However, there may be some support from the 385,400 investors who purchased 3.27 billion ADA at an average price of $0.35.

Yet, inability to hold that key help level could compel ADA into one more downswing toward $0.30.

 

 

 

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