Cardano [ADA] whale activity has seen a significant resurgence in the last month, according to data from IntoTheBlock.
Despite the poor price performance in the last month, ADA futures traders continue to bet in favor of a price rally.The number of ADA whales that hold between 100 million and 1 billion coins has increased in the last month.Information from the on-chain data provider showed that the number of ADA whales holding between 100 million and 1 billion ADA coins has increased by 29% in the past 30 days.
Further, the coin’s Chaikin Money Flow rested below its zero line as of this writing. This indicator measures the flow of money into and out of an asset. When its value is below zero, it suggests increased liquidity exit from the market. This is known to precede a continued decline in an asset’s value.Confirming the strength of ADA bears, the coin’s positive directional index was positioned below its negative index .
When these lines of an asset’s Directional Movement Index are set up this way, the downtrend is strong.At its press time price, ADA bulls are maintaining a crucial support level. However, if bearish momentum climbs, ADA may breach support to exchange hands at $0.38. This is possible because of the steady uptick in activity in the coin’s futures market, suggesting that despite the ongoing price decline, market participants continue to maintain a bullish outlook.data, the coin’s Funding Rates across cryptocurrency exchanges remain positive. This signals that futures traders have continued to open long positions.Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience.
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