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Cardano (ADA) is seeing a massive surge in trading volume and significant whale accumulation, even as its price remained relatively stable. Data shows a dramatic 63.84% jump in ADA’s 24-hour trading volume, reaching over $1.12 billion . Large ADA holders; whales, are actively increasing their stakes, adding over 50 million ADA just in the past 48 hours. This buying spree followed an earlier whale purchase of 190 million ADA just the day before. But even with all this activity, ADA’s price hasn’t moved much, which begs the question if all this whale activity can push ADA’s price up. Input Output Global (IOG), the company behind the Cardano blockchain, had announced that their Lace wallet is now multi-chain . So as it stays, Bitcoin is now integrated into the Cardano blockchain for traders adopting Lace wallet. Cardano’s price is currently in a holding pattern, primarily trading between $0.69 and 0.75. While the increase in whale activity and Lace’s new Bitcoin support are positive, the price of ADA has remained fairly flat. If the price breaks below the $0.69 support level, analysts suggest it might fall further, to around $0.57 or 0.60. Technical indicators provide some context. The Relative Strength Index (RSI) currently sits at 46.14, suggesting neutral momentum. The Bollinger Bands (BB) indicate the next resistance level to watch is 0.76, with stronger resistance at 0.93. At the time of this report, ADA trades at 0.71, down 1% over the last 24 hours. Related: “Winning” PEPE Whale Buys More as Binance Wallet Sees Heavy Traffic Despite the recent price stagnation, signals suggest Cardano might break out soon. Current data indicates relatively low selling pressure on ADA, increasing the possibility of the price testing the resistance level at 0.75. Related: Will Altseason’s Promise Hold? Bitcoin’s Resistance and Altcoins’ Anxious Wait Crypto analyst Ali Martinez shared the above chart pointing that if Cardano closes above 1.15 on the daily chart, it will confirm a bullish right-angled descending wedge pattern. This pattern suggests a potential significant price surge, possibly driving ADA up to the $2 mark. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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The price of Ethereum is wavering, but some fundamental signals indicate a bullish reversal. The supply of ETH on cryptocurrency exchanges has indeed reached an unprecedented level. According to crypto experts, this could change everything. On March 20, the analysis platform Santiment revealed a key figure: the supply of Ether available on crypto exchanges has fallen to 8.97 million ETH. This is the lowest level recorded since November 2015. Specifically, this represents a drop of 16.4% compared to the end of January balances. This massive movement reveals a long-term accumulation strategy by crypto investors. They could be betting on the resilience of the Ethereum blockchain network. Referred to as “supply shock”, this phenomenon describes a situation where the scarcity of a digital asset creates upward pressure if demand remains steady. According to Santiment, Ethereum holders are even withdrawing their tokens from crypto exchanges faster than ever. A similar configuration preceded a surge in the bitcoin price in early 2024. Over the last 30 days, Ethereum has lost 26% of its value. This crypto asset is now trading around $1,971. What’s worse! According to data from Farside, ETH ETFs have recorded 12 consecutive days of outflows. This represents a total of $370.6 million. This trend reflects a temporary loss of confidence among some institutional investors. On the side of traders and crypto whales, the tone is quite different. According to some analysts, buyers will soon be in competition, leading to bidding wars. Others go further by estimating that the value of Ethereum could reach between $8,000 and $10,000. This represents a 64% increase compared to its ATH of 2021. However, not everyone shares this optimism. Daan Crypto Trades points out, for example, that ETH is at its lowest against BTC in five years. According to him, a return to highs seems unlikely in the short term. Between accumulation, potential supply shock, and declining liquidity, Ethereum could very well surprise to the upside. The market remains, however, volatile. Thus, caution is advised for any crypto investor, especially in light of the collapse of on-chain activity threatening Ethereum .