- On September 17th, ADA Whales have moved a large amount of ADA tokens.
- ADA can rise up to 20% if a weekly candle closes above $0.35.
Market sentiment in general is negative at the moment. Cardano [ADA] Bullish indicators are seen in on-chain information, including the Futures Open interest and OI Weighted Funding rate.
ADA, despite these positive on-chain metrics struggled for momentum. Its price fell by 1% within the past day.
ADA looks bullish, on-chain
The on-chain analysis firm CoinglassADA’s long/short ratio at time of publication was $1.0167, indicating a positive market outlook among traders.
Its Futures Open interest increased by 3% over the past 24 hours, and it has steadily risen since the start of September 2024.
To build their position, traders and investors will often combine rising Open Interest with a Long/Short Value above 1.
According to the data, traders may be building up long positions if they see the Long/Short ratio above 1, and open interest is rising.
If the Open Interest was rising, and the Long/Short ratio was less than 1, it meant that more shorts were taking positions.
As of press time, 51.2% top traders were long, and 48.8% short, indicating a bullish view for ADA.
ADA’s OI Weighed funding rate also showed a positive result, further indicating a bullish attitude towards the asset.
Whales Recent Activity
Recent whale activity could be responsible for this bullish outlook. According to IntoTheBlock, ADA whales have moved a large amount of ADA tokens on the 17th September. This is worth approximately $6.48 Billion.
The value of large transactions, which are those above $100,000 in dollar amount, also increased 10% that same day. It is possible that the increase in whale trading activity will lead to a rally on the upside.
Cardano Technical Analysis and Key Levels
According to expert technical analysis, ADA was bearish. It traded near a critical support level of $0.315.
On ADA’s daily chart there was no pattern of bullish action, suggesting a possible rise in the next few days.
According to historical trends, if ADA’s weekly candle closes above $0.35, it is possible that the price could increase by 20 percent in the next few days, reaching $0.42.
200 Exponential Moving Averages (EMAs) indicate that ADA’s price has fallen below the indicator since April 20,24.
You can read more about it here Cardano’s [ADA] Price Prediction 2024–2025
ADA Price Momentum
ADA’s price was 0.15% lower in the 24 hour period.
The trading volume of the stock increased by 20 percent during the same time period. This indicates that traders are more active in the face of the downturn.
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Source: ambcrypto.com