Over the course of the day, Cardano (ADA) rose by almost 10% to $0.394. The capitalization of the altcoin reached $13.667 billion. A cryptocurrency support zone has formed around $0.38, and a sharp increase in resistance is expected at $0.407.
Bitcoin and Ethereum have shown less performance over the past 24 hours. ADA is ranked eighth in the ranking of the largest digital currencies.
Last year, the altcoin lost more than 80% in value, but already in January 2023, it rebounded by about 45%.
The rise of the cryptocurrency last month was the result of the activation of large addresses holding between 10,000 and 10 million coins, the Santiment team said in a report.
The number of transactions over $100,000 increased to 1,700 in February. Whales and sharks accumulated 44.99% of Cardano’s total supply.
Increased activity of large investors has been observed since the beginning of November. After the bankruptcy of the FTX exchange, whale and shark wallets purchased approximately 659.5 million ADA worth a total of $235.5 million.
The relative strength index (RSI) hints at an oversold asset, which means that the altcoin may approach $0.4 today. The nearest zones of strong resistance formed at $0.407 and $0.42.