SNEAK PEEK
- ADA’s whales accumulate as on-chain activity surges, signaling bullish sentiment.
- ADA bulls take charge amid rising on-chain transactions and price uptick.
- Positive indicators boost ADA outlook, as bullish momentum holds strong.
As Cardano (ADA) prices hover just above $0.29, whales and sharks holding between 100K and 10M ADA have amassed their highest level since September 2022. Moreover, over the past six months, the volume of on-chain transactions has increased nearly weekly. This increase in accumulation by whales and sharks indicates a growing belief in Cardano’s potential.
🐳🧐 As #Cardano sits just above $0.29, whales and sharks holding between 100K-10M $ADA have accumulated back to their highest level since September, 2022. Additionally, #onchain transaction volume has been rising nearly every week for the past 6 months. https://t.co/x9mUHDIhnx pic.twitter.com/X9WphDpPvy
— Santiment (@santimentfeed) August 8, 2023
The consistent surge in on-chain transaction volume highlights an active user base, boosting the overall bullish sentiment surrounding ADA. Consequently, despite bears’ unsuccessful attempts to lower prices in the last 24 hours, ADA bulls took charge, pushing the price from an intraday low of $0.2844 to an intraday high of $0.2941.
ADA was at $0.2919 when writing, marking a 0.18% uptick from the previous close. ADA’s market capitalization increased by 0.48% to reach $10,234,108,507, while the 24-hour trading volume surged by 59.14% to $283,504,839. These shifts indicate an optimistic investor outlook, reinforcing the bullish market trend for ADA.
The Relative Strength Index (RSI) value of 50.83 and its advance above its signal line indicate more significant buying pressure than selling pressure, reinforcing the bullish trend. Nonetheless, the positive momentum may wane when the RSI crosses below its signal line, necessitating that traders set a stop loss.
The Keltner Channel bands have upper and lower readings of 0.296 and 0.287, respectively, indicating a bullish trend. Traders may consider purchasing ADA with a sell target price near the upper Keltner Channel.
On the ADA price chart, green candlesticks form as the price advances upward and above the middle band, bolstering bullish momentum. However, traders should know potential resistance levels and employ a stop loss to mitigate risk when the bull’s strength wanes.
The Chaikin Money Flow (CMF) indicator has a reading of 0.23 on the 2-hour price chart for ADA, suggesting that the market’s bullish momentum may persist. This movement indicates increased capital inflow, encouraging additional investors to join the uptrend and bolstering traders’ confidence in the ADA market.
The Money Flow Index (MFI) reading of 55.10 on the ADA 2-hour price chart shows buyers are in charge of the market. Until the MFI dips below 50, traders may choose to hold in current long positions or open new ones.
In conclusion, ADA’s bullish journey gains traction with active on-chain surge and growing whale interest, painting an optimistic outlook for investors.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
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- Source: https://investorbites.com/cardano-ada-price-analysis-08-08/
