Time to Buy Cardano? $186 Million ADA Flows Out of Exchanges
ADA, the native token of the Cardano blockchain, is poised to gain upward momentum as it forms a bullish price action pattern on the daily time frame. Today, December 11, 2024, ADA has surged over 8% after falling over 23% yesterday.
Whales increasingly interested in ADA
This significant change in price could be due to the interest and confidence of investors and long-term Cardano holders. Whales and long-term holders appear to be constantly betting on the hope of a rally, according to an on-chain analytics firm. coin glass.
$186 million ADA flows out of exchanges
ADA spot inflow/outflow data shows that the exchange has witnessed $185.89 million worth of ADA outflows since early December 2024. In cryptocurrencies, an outflow refers to the movement of assets from an exchange to a wallet address, hinting at a potential acquisition. Furthermore, this outflow signals underlying upside momentum and further signals an ideal buying opportunity.
Cardano (ADA) Technical Analysis and Upcoming Levels
Strong support from whales and long-term holders prevented ADA from breaking above the key support level at $1.00. According to expert technical analysis, the altcoin looks bullish as it has successfully pulled back and is now rising higher. Based on recent price action, there is a good chance that it could surge 15% to $1.25 levels in the coming days.
On the positive side, ADA’s relative strength index (RSI) is currently at 58, which is below overbought territory, indicating ADA There is plenty of room for a rebound in the coming days.
Current Price Momentum
At press time, ADA was trading close to $1.08, with prices up more than 7.10% in the past 24 hours. During the same period, its trading volume fell by 28%, indicating that trader and investor participation was lower than in previous days.
