The Cardano price recently experienced a significant price bump, as it expanded by approximately 4.86% over the past 24 hours.
This comes amid a recent whale move that saw a transaction of 70,131,890 ADA (valued at roughly $55.64 million), transferred out of an unidentified wallet to Coinbase.
According to the recent data, the Cadano price, despite the decline, recent volumes may be interpreted as an indication of the diminished activity of the market.
Part of the movements of the Cardano price can be associated with the response of the market to the transfer of 70,131,890 ADA to Coinbase.
ADA is, however, resilient in terms of price, even faced with this transfer. This is an element of confidence among its investors that may propel its price further upwards.
Cardano Price Charts Indicate Massive Up-trend
Cardano price data show constant as well as uniform movement upwards in recent days. The new uptrend has pushed ADA up to the present price of $0.8303 from about $0.78.
The Cardano price is facing resistance at $0.85. The level has been a tough nut in the previous instances.
There can be a future upward move if the Cardano price can overcome this level. On the chart, we can also see that ADA has received strong support at the level of $0.78.
Based on this, the current development on the Cardano price could be an early sign of a greater bullish market in case the level manages to hold.
Cardano Liquidations: The Whale Effect
Liquidity has also been variable in the Cardano market, with sharp increases in the volume of liquidation in the market. This is especially when the Cardano price fluctuations started.
The total liquidation chart of ADA indicates strong jumps in short liquidations and long liquidations. Those larger jumps are related to the times of sharp price changes. Following a steep increase in the price of Cardano in mid-July, there was a consequent liquidity move that prompted even more liquidations, both in the long and short units.
This sharp increase in liquidations can be taken as a sign of volatility. Due to this, the Cardano price could experience new swings in the near term. Nevertheless, even in spite of the liquidations, ADA has continued to demonstrate a powerful price level. This points to its ability to survive and the power of its existing market.
Cardano Price Movement Forms a Double Bottom
Looking at the 1-Day Cardano price charts, we see a double-bottom. The support potential of the indicator is represented by the levels of $0.65 and $ 0.68.
Besides, the ADX (Average Directional Index) is at 45.39. This is an indication that the market is within a strong trend in line with the bullish outlook.
The 24-hour volume analysis makes it clear that people are increasingly interested in ADA. The large amount of buying volume could be responsible for the upward price trend.
It, along with the development of higher lows and the breaching of old resistance levels, only supports the idea that the Cardano price can rise in the next couple of weeks.
