This indicates that large holders had a net gain in the last 24 hours, suggesting some accumulation and a shift in sentiment in favor of the bulls. However, a bearish breakout may also occur if the cryptocurrency fails to construct up enough demand. However, this observation was consistent with the net positive flows observed in large holder accounts and the surging longs.
A breakout in ADA’s price could occur during the weekend, potentially delivering a 20% plus gain if a strong bullish breakout happens. ADA’s large holder activity bounced back this week, suggesting that whales are once again demonstrateing interest in the cryptocurrency.
Large holder inflows peaked at 4.79 billion ADA in the last 24 hours, while large holder outflows peaked at $4.72 billion. The price is currently closing in on the squeeze zone, indicating that a pattern break will occur soon.
The Money Flow Indicator (MFI) signaled that liquidity has been flowing into the cryptocurrency for the last seven days, but it was not enough to trigger a major bullish march. On-chain data also revealed a surge in long positions in the last three days, further confirming the bullish sentiment.
The cryptocurrency has been moving within a wedge pattern underpinned by ascending support and descending resistance, and ADA has been hovering within its ascending resistance line for the last 2 weeks. Stay tuned for the latest updates on Cardano (ADA) and other cryptocurrencies.
Cardano (ADA) Could See Bullish Outcome in Coming Days: Whale Activity on the Rise
Cardano (ADA) has experienced a significant dip in large holder flows in October, but this might soon change as whale activity has been on the rise.
