Cardano – Identifying ADA’s next price target after $0.97 breach

ADA’s Long/Short Ratio stood at 1.04, indicating a strong bullish sentiment among traders.
Cardano (ADA) could soar by 25% to reach the $1.24 mark if it closes a daily candle above $1.

As a seasoned researcher with a keen interest in the cryptocurrency landscape, I find the recent developments surrounding Cardano (ADA) particularly intriguing. The $151M ADA outflow and the surge in long-term holder accumulation, coupled with the soaring Long/Short Ratio, suggest a growing confidence among traders and long-term investors.

The digital currency, Cardano [ADA], has drawn noticeable interest among cryptocurrency fans due to its noteworthy price surge in the last 24 hours.

Besides Bitcoin (ADA), several other significant digital currencies have seen a rebound in value following substantial drops over the past few days.

$151M ADA outflow signals growing confidence

On the contrary, findings from Coinglass, an on-chain data provider, suggest that even with a steep drop in prices by more than 30% over recent days, it appears that long-term investors are buying up tokens and capitalizing on this market downturn.

Data from ADA’s Spot Inflow/Outflow indicates that there has been a substantial withdrawal, to the tune of approximately $150.89 million, of ADA tokens from cryptocurrency exchanges.

By analyzing these exchange withdrawal figures, crypto investors can gauge the number of tokens being taken out of trading platforms. This data may suggest an upcoming bullish trend and a promising moment for purchasing.

Apart from active involvement from long-term investors, there’s also a growing enthusiasm among traders, as suggested by Coinglass’s Long/Short Ratio analysis. At this moment, the Long/Short Ratio for ADA is 1.04, which is its highest since mid-November 2024.

A ratio above one indicates strong bullish sentiment among traders.

Cardano’s technical analysis and key-level

The rising interest from long-term holders and traders follows the successful retest of a strong support level at $0.80.

Based on AMBCrypto’s technical assessment, Cardano (ADA) recently re-approached its prior breakout point during the recent market drop, a level it hadn’t touched since making that initial breakthrough.

The price then rebounded above the crucial support level of $0.97.

Furthermore, an optimistic signal for ADA investors is that the altcoin has created a ‘bullish hammer’ candlestick pattern at its support line, suggesting a potentially positive trend.

According to its current trend, if Cardano (ADA) manages to stay above $0.95 and finishes the day with a close above $1, there’s a possibility that its price may increase by approximately 25%, potentially rising to around $1.24 in the near future.

Read Cardano’s [ADA] Price Prediction 2023-24

Currently, ADA is close to $0.99 per token, with a remarkable surge of more than 12% in the last 24 hours.

During that timeframe, there was a 30% increase in trading activity, suggesting that more traders and investors are getting involved due to an optimistic market sentiment.

2024-12-21 21:11

$151M ADA outflow signals growing confidence

Cardano’s technical analysis and key-level

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