Cardano gives early signals of a rally. Is this a good opportunity?

  • Cardano recovered by 4% on Wednesday after hitting a two-year bottom

  • Whale activity has been reported to be on the rise

  • The cryptocurrency remains on a downtrend with no confirmed bullish momentum

Cardano (ADA/USD) is taking a stride higher after hitting a two-year low of $0.24. Trading at $0.265 as of press time, ADA had returned 4% in the day. The gains in the day come amid increased whale activity.

According to WhaleStats data, ADA was among the top 10 most bought tokens above the biggest BSC whales on December 04. The BNB whales now hold a combined 19.9 million Cardano tokens. The portfolio, worth $5.19 million, however, represents less than 1% of the total. Nonetheless, in the last 30 days, large investors have cut their ADA positions. That potentially explains the huge decline in ADA price in December to the multi-year low.

There are no clear indications for the recent surge in ADA. As CoinJournal previously reported, sentiment data showed that ADA was undervalued as of the end of 2022. Investors could, therefore, be throwing weight on recovery as the price hits depressed levels. But we remain cautious as ADA remains on a downtrend.

ADA recovers at the bottom of the descending channel

ADA/USD Chart by TradingView

From a technical outlook, ADA is on a relief rally from the bottom edge of the descending channel. The 2-year low saw the RSI hit oversold levels meaning that investors had dumped ADA in huge proportions. The daily chart technical outlook still supports a bearish view of the cryptocurrency.

Will ADA recovery continue?

Cardano’s recovery remains tied to the broader crypto sentiment. Many cryptocurrencies posted relief recoveries on Wednesday but were still trading at depressed levels. There is no confirmation that the recoveries will be sustained since we remain in a bear market. 

If ADA maintains the recovery, we need to watch how bulls play out at the upper end of the descending channel. Conversely, ADA remains vulnerable to the $0.24 bottom or lower.

Where to buy ADA



eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ADA with eToro today


OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ADA with OKX today

All Dutch and English crypto news!

‘LEAKED BIDS’ — Binance, Galaxy Digital among secret bidders for Celsius assets

At least five firms placed bids on Celsius Network's crypto assets, including Binance, Bank To The Future and Galaxy Digital, according to leaked information shared...

UK’s FCA hints at why its given only 15% of crypto firms the regulatory nod

Despite the plans to turn the region into a bustling crypto hub, the United Kingdom's financial watchdog says it has given the all-clear to only...

CFTC’s Johnson urges Congress for expanded powers in crypto oversight

Commodity Futures Trading Commission (CFTC) Commissioner Kristin Johnson has urged Congress to adopt legislation that "closes the current gap in the oversight of crypto spot...

US Senator Ted Cruz pushes for crypto in Congress… using snacks

Texan Republican Senator Ted Cruz is pushing the United States Congress to adopt cryptocurrency within its halls using an incentive both sides might agree on...

Beste exchanges

Koop je crypto bij Bitvavo