- Cardano’s MVRV ratio has improved, indicating growing investor confidence and potential for positive price movements.
- Whale investors holding between 100 million and 1 billion ADA have increased their holdings by 11%.
- ADA’s price has broken above a bullish flag pattern on its 8-hour chart.
Cardano (ADA) is showing promising signs as its MVRV ratio, a key bullish indicator, has improved. This metric suggests increasing investor confidence and potential for positive price movements in the near future.
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In addition, recently, Cardano has witnessed a notable surge in whale activity. Investors holding between 100 million and 1 billion ADA have increased their holdings by 11% over the past month. These large investors now control 6.71% of the total ADA supply. Historically, such significant accumulation by whales often precedes substantial price rallies, as their large-scale purchases can drive market momentum.
Retail investors are also showing a strong interest in ADA. There’s a bullish bid-ask volume imbalance and an uptick in the ‘InTheMoney’ metric, indicating that most retail investors are currently profiting from their ADA investments. This widespread optimism is further supported by an increase in Total Value Locked (TVL) on the Cardano network, alongside a rise in trading volumes.
Presently, ADA stands at $0.4791 in trading, boasting a market capitalization surpassing $17.09 billion. It has recently breached a bullish flag formation on its 8-hour chart, indicating a potential profit of nearly 10% and the prospect of a remarkable 100% surge, potentially soaring to $1 within the next few weeks.
Further analysis suggests a significant liquidation point near the $0.492 mark, which could lead to price corrections. However, if ADA breaks past this level, it could aim for $0.5 or even $0.528 in the short term.
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