The recent election results have shifted overall market sentiment. Amid this, Cardano (ADA) along with other major cryptocurrencies has experienced a notable rally and has gained significant attention from crypto enthusiasts.
Meanwhile, the altcoin has surged more than 272% in upside momentum in the past 30 days.
Despite significant upside momentum, on-chain metrics hint that ADA is likely to carry this rally in the coming days. According to the on-chain analytics firm CoinGlass, since November 23, 2024, ADA’s spot Inflow/Outflow data shows that exchanges have seen a significant $231 million outflow.
The outflow is a term that defines the amount of assets moved out from the exchanges. In the context of cryptocurrency, outflows often lead to price rallies, reduce the likelihood of selling pressure, and attract investors and traders.
Currently, ADA is trading near the $1.20 level and has experienced a modest price decline of 2% in the past 24 hours. However, during the Asian trading session, ADA reached a two-year high of $1.326.
Additionally, during the same period, its trading volume surged by 8.5%, indicating a modest increase in trader participation amid ADA’s bullish outlook.
Despite these developments, experts suggest that ADA is currently facing strong resistance near $1.25 and appears to be struggling to breach this level. Based on recent price action, if the altcoin breaks and closes a daily candle above the $1.30 level, it could see a significant 32% upside momentum in the coming days.
Historically, whenever the ADA price reaches or breaks a resistance level, it tends to consolidate before a notable upside rally occurs on the chart. Currently, increased whale interest and confidence in the token suggest potential signs of bullish momentum or a buying opportunity.
However, today, December 3, 2024, sentiment appears to be shifting to the downside as South Korean President Yoon Suk Yeol declared emergency martial law. This significant development has triggered a notable sell-off of assets in the past few hours. If this decline is not contained, ADA’s bullish thesis could be at risk of failing.
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