đ„đ„đ„ #CardanoWhales Move 19.5 Billion $ADA , Whatâs Next?
Cardano (ADA) whales have moved a massive 19.5 billion ADA tokens, valued at $6.48 billion, in the past day, sparking significant market attention. This surge in whale activity suggests that something notable might be brewing for ADA.
Whale Activity and Market Sentiment
- Over the last 24 hours, large transactions (over $100,000) have surged by 10%, with more than 3,100 such transactions recorded. This is a notable increase compared to the weekly high of 3,300 transactions. The rise in large transactions, particularly when compared to Ethereum, hints at potential bullish intentions from whales, especially as ADA has been struggling around the $0.33 support level since July 2024.
Current Price and Market Movement
- Following the whale activity, ADA saw a price increase of 4.35%. At present, it is trading near $0.333, marking a 1.25% rise in the last 24 hours. However, trading volume has decreased by 11%, reflecting lower trader engagement amid market uncertainty.
Technical Analysis and Potential Targets
- Despite the bullish whale activity, ADA remains in a bearish trend, trading below the 200-day Exponential Moving Average (EMA) since April 2024. The 200 EMA is commonly used to assess long-term trends, indicating a continued downtrend.
If ADA closes a weekly candle above the $0.35 level, it could potentially rise by 30% to reach $0.45, which is the next resistance level.
On-Chain Metrics and #marketsentiment
- On-chain metrics support the bullish sentiment of the whales. The ADA Long/Short ratio stands at 1.02, suggesting a positive market outlook among traders. Additionally, future open interest for ADA has increased by 2.7% in the past 24 hours, signaling growing interest despite the current market struggles.
Overall, while ADA faces ongoing challenges, the recent whale activity and positive on-chain metrics offer a glimmer of hope for a potential recovery.
Source - coinpedia.org
