- Cardano (ADA) whales accumulate highest levels of ADA since September 2022.
- ADA’s on-chain transaction volume reaches highest levels since September 2021.
- ADA experiences a 0.40% price surge, gaining advantage over Bitcoin (BTC).
According to a recent Twitter post by Santiment, a prominent on-chain analytics platform, Cardano
Furthermore, Santiment’s data reveals a consistent upward trend in ADA’s on-chain transaction volume over the preceding half-year. Notably, there have been consecutive weeks where ADA transaction volume surpassed an impressive 67 billion, marking the highest levels observed since September 2021.
In the last 24 hours, ADA experienced a 0.40% price surge, reaching $0.2921 at the current moment. This upward movement also enabled ADA to gain a 0.47% advantage over Bitcoin (BTC), the dominant player in the cryptocurrency market, further solidifying its position as a potential Ethereum-killer.
ADA’s price surge was accompanied by a notable uptick in its 24-hour trading volume. As of the latest update, the altcoin’s intraday volume reached an impressive $266,812,663, marking a significant surge of over 60% since the previous day. Nevertheless, ADA’s 7-day performance remains negative, declining more than 4% for the week.
From a technical standpoint, ADA’s price has recently broken below the crucial support level of $0.3007 and has remained below this level at the current moment. If the altcoin continues to face selling pressure in the next seven days, it will likely test the subsequent significant support level at $0.2769. In such a scenario, there is a potential risk of the cryptocurrency declining towards $0.2506.
However, should ADA’s price surpasses the 20-day and 50-day EMA lines, closing a daily candle above $0.3060 would negate the bearish outlook. In such a situation, the altcoin’s price could potentially breach the significant resistance level at $0.3524 in the subsequent days after the daily close above the two EMA lines.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
