- ADA spot inflow/outflow reveals that exchanges have witnessed a significant outflow of $129 million.
- ADA could surge by 50% to reach $1.90 if it closes a daily candle above the $1.25 level.
As a seasoned analyst with over a decade of experience in the cryptocurrency market, I’ve seen countless bull and bear runs, ICOs, and DeFi projects come and go. However, Cardano [ADA] continues to intrigue me with its potential for growth.
This upcoming week could see an increase in the circulating supply of Cardano’s cryptocurrency, ADA. This token release may significantly influence the price trend, given that ADA is presently at a pivotal point.
$43.5 million of ADA to be unlocked
Approximately 37.06 million ADA tokens, valued at around $43.36 million and accounting for roughly 0.10% of the total circulating supply, are set to be released between December 9th and December 16th. This substantial increase in available tokens could potentially lead to a price adjustment or decrease in the coming days.
During that timeframe as well, assets such as Solana and Dogecoin, totalling approximately $1.347 billion in value, are set to be released along with ADA.
Cardano technical analysis and upcoming levels
Based on AMBCrypto’s technical assessment, Cardano (ADA) was holding steady within a narrow band close to the resistance point of approximately $1.25 at the moment of reporting. This consolidation has been ongoing for more than a week, with ADA trading between roughly $1.12 and $1.24.
In the upcoming days, it’s predicted that whether ADA experiences a surge (breakout) or a decline (breakdown), depending on its current period of stability, will shape its future direction.
ADA price prediction for December 2024
Looking at current trends, if Cardano (ADA) manages to break out of its current price range and ends the day trading above $1.25, it’s likely we might witness a significant jump, potentially reaching as high as $1.90, which represents a potential increase of about 50%.
If ADA falls beneath the bottom limit of its consolidation range and ends the day below the $1.12 mark, there’s a potential for it to drop approximately 20%, reaching around $0.92 in the near future.
Based on the prevailing market mood and investor attention, there’s a strong possibility that ADA might surpass the $1.25 threshold and end its daily trading session above this level.
From a favorable perspective, ADA’s Relative Strength Index (RSI) presently reads 64, suggesting that the altcoin’s current price falls short of the overbought zone. This implies there is potential for the price to increase more in the upcoming period.
Rise of exchanges outflow
The bullish outlook for this altcoin is reinforced by increased interest and confidence from large investors like whales and institutions, as suggested by data from the on-chain analysis company Coinglass.
According to data from ADA, there has been a notable $129 million decrease in funds at cryptocurrency exchanges starting from early December.
Read Cardano [ADA] Price Prediction 2024-2025
In terms of cryptocurrencies, an “outflow” is when digital assets are transferred from exchange platforms to individual wallets. A significant increase in outflows could hint at an upcoming bull run and may point towards advantageous buying moments.
Currently, ADA is close to $1.15 per unit in trading, representing a decrease of 4.10% over the last 24 hours. Remarkably, this downturn has been accompanied by a surge in trading volume, which has jumped by 15%. This suggests that more traders and investors are actively engaging with ADA compared to recent days.
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2024-12-09 17:43