ADA, the native token of the Cardano blockchain, is showing signs of a potential bullish momentum as it has formed a bullish price action pattern on the daily time frame. On December 11, 2024, ADA experienced a significant surge of over 8% following a previous price decline of more than 23%.
Whales’ interest in ADA seems to be on the rise, indicating a growing confidence among investors and long-term holders in the future prospects of Cardano. Data from the on-chain analytics firm Coinglass suggests that whales and long-term holders are increasingly optimistic about an impending rally in ADA.
One of the key indicators of this bullish sentiment is the significant outflow of ADA from exchanges, totaling $185.89 million since the beginning of December 2024. This outflow, which represents the movement of assets from exchanges to wallet addresses, suggests that investors are acquiring ADA in anticipation of a potential uptrend. This trend not only signals a positive outlook for ADA but also presents a favorable buying opportunity for investors.
In terms of technical analysis, ADA has managed to maintain a strong support level at $1.00, thanks to the support from whales and long-term holders. Experts believe that ADA is currently in a bullish phase, with the potential to climb by 15% and reach the $1.25 level in the near future. The Relative Strength Index (RSI) for ADA is currently at 58, indicating that there is room for further upside movement in the coming days.
As of now, ADA is trading around $1.08, with a price increase of over 7.10% in the last 24 hours. However, the trading volume has seen a 28% decrease during the same period, suggesting a decrease in participation from traders and investors. Despite this, the overall outlook for ADA remains positive, with the potential for further price gains in the near future.
Overall, ADA’s recent price action and market dynamics point towards a potential uptrend in the coming days, supported by the growing interest from whales and long-term holders. Investors and traders are advised to keep a close eye on ADA as it continues to show signs of bullish momentum in the cryptocurrency market.