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What is the Cardano (ADA) wheel plan?

During the turbulent days in the crypto market, Cardano Whale bought 100 million ADA.

ADA Wheel, which recorded more than $2 billion in transaction volume, benefited from the decline, according to on-chain data. Whales increased their buying appetite as ADA fell to $1.11 for the second day. Although the purchase of more than $110 million succeeded in keeping the ADA at a support point, it was not enough to remove it from the danger zone.

AMBCrypto reported that a technical indicator is indicating a bearish trend and the $1 level could be tested.

Cardano (ADA) is gaining traction.

According to analysis by AMBCrypto, Cardano (ADA), which has enjoyed impressive gains since November, has entered a potential consolidation phase. The accumulation phase saw whales start buying.

Crypto analyst Ali Martinez recently shared that the Cardano wheel received over 100 million ADA in 24 hours. In addition to whales, individual investors were also seen buying. The buying volume metric reached 73 points out of 100 on December 3.

The Cardano blockchain has reached an important milestone. Cardano scaling solution Hydra processed over 2 billion transactions in just 4 hours. AMBCrypto emphasized that Cardano has more daily volume than the world’s largest Visa.

Cardano (ADA) analysis

About 3 million wallets, more than 72 percent of ADA investors, took advantage of the surge and sold profits. These sales halted the ADA’s upward momentum.

It was observed that the transaction volume of ADA, which entered the stabilization phase, decreased. Technical indicators show that ADA may enter a downtrend in the coming days.

In AMBCrypto’s analysis, the following statements were made.

The MACD technical indicator showed a bearish trend. The indicator in question indicated that ADA could fall to $1 before a new rally.

According to the chart analysis, the price of ADA may fall to $0.82 if it cannot hold the $1 support. The level in question is shown as a potential support point indicating a trend reversal. It is predicted that ADA could fall to $0.6 if $0.82 is lost.

This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.

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