ADA, the native token of the Cardano blockchain, has gained significant attention from crypto enthusiasts despite its recent price decline. The altcoin has experienced a price drop of over 30% in the past 48 hours. However, with rising interest from long-term holders and Binance traders, its price appears to be recovering.
Today, December 20, 2024, Coinglass’s ADA spot inflow/outflow on-chain metrics revealed that exchanges have recorded a significant outflow of $163.85 million worth of ADA in the past week, despite the altcoin’s continuous price decline.
In the cryptocurrency landscape, “outflow” refers to the movement of assets from exchanges to long-term holders’ wallet addresses, which suggests potential upside momentum and hints at an ideal buying opportunity.
Based on historical data, whenever assets experience outflows from exchanges to wallet addresses, it increases buying pressure, resulting in upside momentum.
Besides rising interest from long-term holders, traders’ interest appears to be increasing, as reported by Coinglass. According to the data, ADA futures open interest has soared by 4.5% in the past four hours, indicating a shift in traders’ sentiment following the ADA price rebound.
At press time, ADA is trading near $0.887 and has experienced a price decline of 1.9% in the past 24 hours. During the same period, its trading volume surged by 32%, indicating heightened participation from traders and investors amid the market rebound.
Wondering where Cardano’s price is headed next? Read our Cardano price prediction for insights on its potential rebound!
According to expert technical analysis, ADA has successfully retested one of the crucial support levels at $0.80, which it recently visited during the market dip. However, with rising interest from traders and long-term holders, the price is experiencing upside momentum.
Based on the recent price action, if ADA holds above the $0.80 level, there is a strong possibility it could soar by 40% to reach the $1.23 level in the coming days.
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