The price prediction of Cardano is still unspecified as it oscillates between a range less than $1. The latest whale activity and new alliance with Google Cloud have added complexity to the market activity. ADA currently trades between $0.74 and $0.98, and high-volume activity is anticipated in the near future.
Whale Accumulation Supports Cardano
Whale accumulation has picked up pace in recent times, with leading holders buying more than 70 million ADA in the last week alone. Reports estimates that this takes known whale holdings to around 5.53 billion ADA. Whales have historically sold on rallies around $1, then got back to buying once prices fell below $0.80. This has injected occasional support, as whale activity attempts to put a lid on downside pressure.
Google Cloud Partnership Energizes Midnight Chain
In a recent turn of events, Cardano’s Midnight privacy blockchain announced a collaboration with Google Cloud. The project is to create zero-knowledge technology, which is vital in improving data protection services. Google Cloud will offer essential network infrastructure, possibly for operating a validator node for Midnight. Collaboration can assist in cementing Cardano’s place in the privacy-oriented blockchain community.
Influence on ADA Price
The partnership with Google Cloud has already seen ADA go up by 11% in the past week. Trading at around $0.86 now, the token is up 2.03% in the past 24 hours. The partnership also coincides with the Midnight Glacier Drop, a massive token distribution of NIGHT tokens, which is expected to bring more investors to Cardano.
Resistance and Support Levels
For ADA to turn into a bullish trend, there has to be a breakout above $1.14. The main resistance levels are $0.98-$1.00, and there are clusters of supports at $0.76 and $0.74. A close above $1.14 on a daily basis would likely be destined for highs previously, or cascades of liquidation might occur upon failure to hold at $0.74 support.
Volume Trends and Market Sentiment
Current market conditions indicate cooling trading volumes, where sellers have controlled since July. Based on the CryptoQuant statistics, over $7 million worth of ADA liquidations lie at around the $0.84 level. It is a risk and opportunity for traders since a break here could instigate sudden price movements.
While recent whale activity is somewhat beneficial, the market remains cautious due to declining volume and important resistance levels. Buyers need to monitor liquidity clusters and confirm breakouts while ADA attempts to establish a stronger trend.
