Cardano Bucks Bears As Large Transactions Climb To $10 Billion, Can This Drive Price To $1?
June 20 2024 - 10:30AM
NEWSBTC
The Cardano decline in the past week seems to be coming to an end,
as evidenced by on-chain data. While the overall crypto market has
been in a slump, Cardano is starting to buck the trend. ADA,
Cardano’s native token, has seen a huge surge in on-chain
transactions from large holders, indicating sporadic activity and
interest in the blockchain. Notably, transaction data shows that
Cardano has registered over $10 billion worth of large transactions
in the past 24 hours, representing a 26% increase within the time
frame. Furthermore, this puts the worth of ADA large transactions
at $32.54 billion in the past seven days. Cardano Large
Transactions Climb To $10 Billion in 24 Hours Cardano, like most
altcoins, has been going through a turbulent price action since the
beginning of the month. This decline was further exacerbated by
Bitcoin’s drop below $65,000 in the past 48 hours. However, Cardano
now seems to be building bullish momentum, particularly from large
holders. In the past 24 hours alone, 27.17 billion ADA, amounting
to $10.43 billion, was traded between large holders, according to
ITB. Related Reading: Analyst Says XRP Price Is Long Overdue For
Bullish Wave, Here’s The Target Interestingly, the number of
Cardano large transactions jumped to 851 in the past 24 hours,
which is a 107% increase from 410 of such transactions recorded on
June 16th. IntoTheBlock’s large transaction metric measures the
number of transactions larger than $100,000 on the blockchain. It’s
worth noting that while activity from this cohort has grown in the
last 24 hours, it remains considerably below the transaction peak
of 95,730 set on May 29. Can The Activity Push ADA To $1? With
activity from large holders starting to increase, a natural
question is whether this can translate to significant price
appreciation for ADA. Many analysts think ADA still has plenty of
room to run if the crypto market recovers and turns bullish again.
Cardano, for one, now has its 30-day MVRV ratio at -12.6%, which is
a very bullish indicator for a bounce in the short term. Related
Reading: Dogecoin Weighted Sentiment Drops To 2024 Lows, What Does
This Mean For Price? At the time of writing, ADA is trading at
$0.3915 and is up by a meager 0.45% in the past 24 hours.
Interestingly, recent price action shows ADA bouncing off a 7-month
low of $0.3685 on June 18. The journey to $1 seems tough at the
moment, and there are many price resistance levels to overcome. The
first step is to push above the $0.400 resistance level. Failure to
push above could lead to the start of another decline to $0.37.
However, ADA reached an all-time high of $3.10 in September 2021,
so reclaiming $1 is not yet out of the game. Featured image created
with Dall.E, chart from Tradingview.com
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