- ADA flashed multiple signs indicating that a potential pattern break was on the way.
- ADA large holder flows demonstrate renewed interest by whales, which could indicate accumulation.
As a seasoned crypto investor with a penchant for spotting trends and patterns, I find myself intrigued by the recent developments surrounding Cardano [ADA]. The surge in large holder flows, the rise of long positions, and the bullish price pattern all point towards a potential breakout that could shake up the market.
As a crypto investor, I’ve been keeping a close eye on Cardano [ADA]. There are several indicators suggesting that we might be on the brink of a significant price surge in the near future.
Despite ADA’s recent setback, it appears that recovery could be imminent given the surge in whale activity.
At the beginning of October, there was a substantial decrease in the movement of large-scale investors regarding cryptocurrency, encompassing both increases (inflow) and decreases (outflow).
This week saw a resurgence in ADA being held by large entities, implying that ‘whales’ are displaying renewed curiosity towards the cryptocurrency.
Over the past day, there was a significant increase in the transfer of 4.79 billion units of ADA into large wallets, but on the flip side, a peak outflow of 4.72 billion dollars worth of ADA occurred from these same large wallets.
Based on the available data, it appears that significant investors experienced a positive return over the past day, indicating some accumulation. This could mean that the general attitude among investors is starting to lean toward the bulls, even with the recent downtrend in prices.
Over the past three days, there’s been an increase in long positions being taken on the blockchain, suggesting a rise in optimistic market outlook this week. This trend adds to the evidence of growing bullishness among investors.
Why an ADA breakout is imminent
It’s unlikely that the recent rise in whale activities and surges are mere coincidences; they seem to be related to the price trend of ADA, which is currently moving within a wedge-shaped pattern. This pattern is supported by an upward sloping floor (ascending support) and a downward sloping ceiling (descending resistance).
Over the past two weeks, ADA has remained close to its upward resistance level without breaking through. However, it’s been holding steady. Moreover, the price is approaching the congestion area, suggesting that a breakout from this pattern could happen imminently.
At the moment of reporting, ADA was being traded at $0.34. Over the past week, the Money Flow Indicator suggests an influx of liquidity into the cryptocurrency.
However, it was not enough to trigger a major bullish march.
Despite this, the observation aligns with the increasing long positions and the influx of funds into large account holders, as suggested by the data.
Read Cardano’s [ADA] Price Prediction 2024–2025
It seems like whale behavior (large-scale transactions) is quite active at current reduced costs, implying a significant chance that a bull run could occur over the weekend.
If a robust upward trend takes hold in ADA, it could possibly yield more than a 20% increase. However, it’s important to note that such an outcome isn’t guaranteed, as a downward trend might materialize if the cryptocurrency lacks sufficient interest from buyers.
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2024-10-18 05:43