Cardano owners are demonstrating their confidence by withdrawing about 100 million dollars from exchanges in just two days, which is seen as a sign of an upward trend😊💰
Recent blockchain data shows that the trading volume of inactive tokens is increasing, while investor sentiment remains optimistic😊🚀
"The price of ADA formed a bullish pennant on the 4-hour chart, and a bounce back to $2 is expected," reported COINOTAG, highlighting the potential growth of ADA😊📈
Cardano owners are reinforcing the bullish trend by withdrawing $100 million from exchanges
Cardano investors maintain their bullish expectations by leaving exchanges with $100 million📈💰
This indicates that the price of ADA may return to the $2 level💸🚀
The price of Cardano is currently at $0.98, slightly below the recent peak of $1.15📉📈
This decline is likely associated with more significant fluctuations in the cryptocurrency market, such as Bitcoin falling below $95,000📉💼
However, investors seem to be ignoring this situation, as evidenced by large withdrawals from stock markets💰📉
According to Coinglass, the spot entry/exit ratio for ADA is -$40 million📉💰
This figure, improved from -$63 million recorded on November 25, indicates that Cardano bulls have withdrawn almost $100 million from exchanges📈💰
Generally, this indicates that selling pressure is low, and there is upward pressure on the price📈🚀
When investors withdraw their assets from stock markets, it often signals expectations of price growth💸🚀
On the other hand, the influx of funds into stock exchanges may increase selling pressure📉👎
Such dynamics are one of the key factors shaping market sentiment💸📉
If the upward trend continues, short-term price growth for Cardano can be expected💸🚀
An additional indicator confirming this potential is the average duration of investments (MDIA)📈📊
The MDIA metric measures the duration of time that tokens remain on the blockchain, weighted by their purchase price💸📊
An increase in MDIA indicates that tokens have reduced mobility, and prices are resistant to significant fluctuations📉📊
However, the significant decline observed over the 90-day MDIA period for Cardano indicates an increase in trading activity among previously inactive coins📉🚀
This could indicate increased buying pressure, contributing to ADA's growth💸🚀
The 4-hour ADA chart shows the formation of a bullish pennant with two significant price fluctuations separated by a short period of consolidation📉📈
Initially, the sudden spike caused by a strong buying impulse forms a "flagpole"📈💪
The subsequent pullback causes the "flag" to take on a rectangular shape, indicating the continuation of the previous upward trend during the breakout📈🚨
Given the current market dynamics and technical analysis, it seems that Cardano bulls have the potential to push prices above the $1.15 level💸🚀
A successful breakthrough could lead to ADA reaching the $2 mark💸🚀
Otherwise, increased selling pressure could lower the price to $0.85📉💸#ADA #Cardano #BTC #Ethereum $ADA