As a seasoned crypto investor with a knack for navigating the tumultuous seas of digital assets, I find myself intrigued by the recent developments surrounding Cardano (ADA). The spike in large transaction volume is a double-edged sword – it could mean that whales and institutions are either loading up on ADA in anticipation of a bull run or cashing out, sending prices tumbling.
Based on information from analytics platform IntoTheBlock, there was a surge of $25.48 billion in significant transactions involving Cardano (ADA), marking an uptick of 9.42% compared to the day before.
Large numbers of significant transactions, typically exceeding $100,000, suggest heightened action by ‘whales’ and major investors. A rise in these substantial transactions might point towards either purchasing or offloading activities.
Over the past day, there has been an astounding accumulation of 21.24 billion units of ADA. Even with a surge in large transactions, the price of ADA is still substantially low, as the market undergoes profit-taking and shows the color red. Various cryptocurrencies, including Cardano, have been trading at a loss.
In the past 24 hours, the value of Cardano (ADA) dropped by approximately 4.2%, reaching a price of around $1.15. During this timeframe, the broader cryptocurrency market experienced approximately $495 million in liquidations.
Cardano price action
As I analyze the market trends, it appears that my own investment in Cardano started to dip following its peak at $1.23 on December 6th. This suggests that other traders were also cashing out their profits. If today ends with a decline, this downtrend would continue for three consecutive days.
Today, the trading session found Cardano attempting to hold its ground at approximately $1.10. Should bulls regain control, they could potentially drive the price of Cardano back up towards $1.33. If this happens successfully, there’s a chance ADA could rise to hit $1.50.
If the price dips beneath today’s lowest point at $1.09, this could suggest a rush of traders exiting their positions. This decline might push ADA down towards $1, a price point that could potentially draw in new buyers.
Other Cardano news
The Cardano Foundation X account was recently compromised, and while the scam links posted have been removed, the Cardano community has been warned to be cautious as there is no SEC lawsuit, token burn, or “ADASol” bridge. Also, Cardano Foundation team members will never DM users to request anything.
Cardano experienced a momentous event last week with the signing of the Cardano Constitution.
Over the past week, digital investment products experienced an all-time high weekly influx of funds, amounting to approximately $3.85 billion, surpassing the previous record set merely weeks before. Specifically, Cardano attracted $5.2 million in these investments.
Read More
- FIS PREDICTION. FIS cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- Tips For Running A Gothic Horror Campaign In D&D
- EUR CAD PREDICTION
- XRP PREDICTION. XRP cryptocurrency
- OSRS: Best Tasks to Block
- Luma Island: All Mountain Offering Crystal Locations
- DCU: Who is Jason Momoa’s Lobo?
- Should Video Games Explore Morality?
- Pokemon Fan’s Wife Finds Perfect Use for Their Old Cartridges
2024-12-09 19:04