Whale Activity Could Hinder Bitcoin Breaking Its $24800 Support Level. What About Cardano and PrivaCrip? This is a sponsored advertising post. Nothing in this content should be construed as advice, it is meant for informational purposes only.
Although the market has finally made a U-turn, much turbulence is still far ahead. Namely, the largest cryptocurrency by market capitalization needs to break its next support level before it can pave the way for the rest of the crypto flock to follow in its footsteps.
The $24800 mark does not seem very difficult to reach but be not fooled, my friend; the crypto game of volatility is a ruthless activity where even the slightest change along the graph can either make you go big or go home. Let’s dive in.
The data from TradingView showed that overnight BTC/USD fell under the $24,000 mark after rejecting near $24,200. The pair has seen some significant gains in the past week, but the momentum faded, leaving Bitcoin bulls at the crossroads. Indeed, bulls failed to reclaim new ground or even fully challenge the highs seen at the end of July. At the time of writing, BTC/USD was consolidating near $23,800, showing little promise to travel north, at least for now.
It is safe to assume that the price of forming resistance levels for Bitcoin (BTC) to overcome is part due to whale activity. A Twitter account’s Whalemap update, which closely monitors buying and selling large-volume players within crypto that usually establish support and resistance levels, revealed different prices at which BTC aggregate supply moved.
The results were somewhat expected, with the team releasing a statement saying that based on the activity of BTC belonging to particular whales leaving their wallet, for the bulls to continue the upward run, it would be essential to break the $24,425 support level.
The days when Cardano (ADA) was on the rise became distant relics of the past. In fact, the last time this cryptocurrency enjoyed a decent holiday up north was when at the end of May 2022, the tokens price soared by more than 29%. Since then, little has changed to prevent the price from travelling south.
Even the long-anticipated Vasil hard fork was delayed yet again, leaving supporters of the most academic cryptocurrency disenchanted. However, not all is lost for the seventh largest cryptocurrency by market capitalization, which is still down by more than 80% since its peak.
According to the data tracker WhaleStats, in the past 24 hours, the Cardano (ADA) was one of the top 10 most traded assets among the top 4,000 BSC whales. The moves behind such massive purchases are still unknown, but they could be connected to profit in the short-term investments before the Vasil hard fork. Considering that Cardano’s (ADA) price is below $1, the potential for it to spike after the upgrade looks pretty probable.
Although PrivaCrip (PRCR) is the new kid on the crypto block, this project has much potential due to its unique value proposition. It is no secret that personal data and information are one of the most valuable assets in modern-day society and the crypto domain is no exception. Especially with Web 3.0 development on the way, with industries like DeFi and GameFi, users’ personal data truly becomes the most lucrative way of making money for the big corporations.
Realizing such a shortcoming, PrivaCrip (PRCR) decided to create a private network where users and not central authority would control their data. This default privacy setting would enable encoded information to be represented as tokenized data. By utilizing this data, users of this PrivaCrip network could develop many new use cases for Web 3.0 and DeFi in particular. At the heart of the project is its native token PRCR, which can be used for governance initiatives, transactions and gas fees.
Although the whale activity will temper the Bitcoin’s movement, the $24800 resistance level will be crashed faster than the Allies defeated Hitler’s army. Jokes aside, the future of Bitcoin (BTC) looks promising, with little bumps expected along the way.
The Cardano (ADA) case is more puzzling, but the Vasil upgrade should finally settle if the “Ethereum’s Killer” rightfully received its name. Meanwhile, PrivaCrip looks like a promising hand with a unique value proposition in place.
If you are interested to learn more about the project, please visit its website.