- The number of ADA whales holding between 100 million and 1 billion coins increased last month.
- However, ADA prices are still plagued by bearish sentiment.
Cardano’s [ADA] According to data, whale activity has rebounded significantly in the last month. Into the Block.
According to information from on-chain data providers, the number of ADA whales holding between 100 million and 1 billion ADA coins has increased by 29% in the past 30 days.
Source: Into the Block
However, due to the general market pullback over the last month, the surge in ADA whale activity failed to impact prices. At the time of writing, the altcoin was trading at $0.43.
according to CoinMarketCap According to the data, its value has fallen 7% in the past 30 days.
Where is ADA headed?
While the number of large-scale investors in ADA has increased over the past month, demand for altcoins has generally declined.
Measurements of key momentum indicators observed on the 1-day chart confirmed this.
At the time of writing, ADA’s Relative Strength Index (RSI) was 37.42. This indicator indicated high momentum in coin circulation among market participants.
Additionally, the coin’s Chaikin Money Flow (CMF) is below the zero line as of this writing. This indicator measures the flow of money into and out of an asset.
If its value is less than zero, it suggests an increase in the exit of liquidity from the market. This is known to occur before a sustained decline in asset values.
At the time of writing, ADA’s CMF was -0.04.
Confirming the strength of the ADA bears, the coin’s positive directional index (green) is below its negative index (red).
When these lines of the asset directional index (DMI) are set this way, the downtrend is strong.
The average directional index (ADX) value was 29, and the downward trend in ADA was strong at the time of writing.
At the time of writing, ADA bulls hold important support levels. However, if the bearish momentum picks up, ADA could break through the support and exchange hands at $0.38.
Conversely, if these bearish predictions become invalid, the coin’s price could start rising towards the $0.46 level.
Source: ADA/USDT on TradingView
read cardano book [ADA] Price prediction for 2023-24
This is possible as activity in the coin futures market has steadily increased, suggesting that market participants continue to maintain a bullish outlook despite the continued decline in prices. .
according to coin glass” According to the data, the coin funding rate across crypto exchanges remains positive. This shows that futures traders continue to hold long positions.
