Cardano Edging to $1 as Whales Stock Up
Cardano is still moving upward after gaining 39% over the last, and we could be seeing a push to $1.
Cardano (ADA) is bullish and could be gearing up for a run to $1 thanks to the action of a few cryptocurrency whales.
The coin has been gaining speed throughout February and is still climbing, now at $0.7512 (ADA/USD). That is up 0.63% from the previous day but 39% over the last month. Despite bullish momentum that has taken ADA higher than it has been in nearly two years, the coin is retaining its gains and still pressing upward.
What is helping Cardano along right now besides a bullish market that Bitcoin (BTC) is headlining? There has been a sharp upswing over the last few days that indicates a lot of accumulation is happening in the top 1% of ADA wallet addresses. This suggests that the whales are buying up large amounts of Cardano tokens, but for what purpose?
The current theory is that they are trying to push the ADA price to $1 very soon. At this rate, that could happen within a few weeks.
Will ADA Continue Gaining?
The negative pressure on Cardano needs to be addressed. Over the last couple of days, Cardano’s speed has slowed down. There is not as much upward momentum, which could indicate that the coin has nearly finished its bull run and is settling down for a while. If that happens, we may not see the token reach $1 for now.
On the upside, Bitcoin’s recent record-breaking movements are helping out the wider crypto market and benefiting coins like Cardano that do not get quite as much mainstream attention. As long as Bitcoin keeps going strong, Cardano will benefit.
Negative economic pressure could hurt ADA’s push toward the dollar though. A poor CPI report from US markets may hold the crypto market back, as may rising inflation rates and high unemployment numbers.
Despite any negative factors, ADA is still making progress, and the whales just might be the ones to keep it moving when the majority of investors lose interest temporarily.
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