{"id":813370,"date":"2024-12-20T23:14:40","date_gmt":"2024-12-21T05:14:40","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/20\/164-million-cardano-ada-outflow-buy-opportunity\/"},"modified":"2024-12-20T23:14:40","modified_gmt":"2024-12-21T05:14:40","slug":"164-million-cardano-ada-outflow-buy-opportunity","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/20\/164-million-cardano-ada-outflow-buy-opportunity\/","title":{"rendered":"$164 Million Cardano (ADA) Outflow, Buy Opportunity?"},"content":{"rendered":"
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\"Cardano<\/figure>\n<\/div>\n
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ADA, the native token of the Cardano blockchain, has gained significant attention from crypto enthusiasts despite its recent price decline. The altcoin has experienced a price drop of over 30% in the past 48 hours. However, with rising interest from long-term holders and Binance traders, its price appears to be recovering.<\/p>\n

Today, December 20, 2024, Coinglass\u2019s<\/a> ADA spot inflow\/outflow on-chain metrics revealed that exchanges have recorded a significant outflow of $163.85 million worth of ADA in the past week, despite the altcoin\u2019s continuous price decline.<\/p>\n

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Source: Coinglass<\/figcaption><\/figure>\n

What Does Outflow Mean in Cryptocurrency?<\/strong><\/h3>\n

In the cryptocurrency landscape, \u201coutflow\u201d refers to the movement of assets from exchanges to long-term holders\u2019 wallet addresses, which suggests potential upside momentum and hints at an ideal buying opportunity.<\/p>\n

Based on historical data, whenever assets experience outflows from exchanges to wallet addresses, it increases buying pressure, resulting in upside momentum.<\/p>\n

Rising Traders Interest\u00a0<\/strong><\/h3>\n

Besides rising interest from long-term holders, traders\u2019 interest appears to be increasing, as reported by Coinglass. According to the data, ADA futures open interest has soared by 4.5% in the past four hours, indicating a shift in traders\u2019 sentiment following the ADA price rebound.<\/p>\n

Current Price Momentum\u00a0<\/strong><\/h3>\n

At press time, ADA is trading near $0.887 and has experienced a price decline of 1.9% in the past 24 hours. During the same period, its trading volume surged by 32%, indicating heightened participation from traders and investors amid the market rebound.<\/p>\n

Cardano (ADA) Technical Analysis and Upcoming Levels\u00a0<\/strong><\/h2>\n

According to expert technical analysis, ADA has successfully retested one of the crucial support levels at $0.80, which it recently visited during the market dip. However, with rising interest from traders and long-term holders, the price is experiencing upside momentum.<\/p>\n

Based on the recent price action, if ADA holds above the $0.80 level, there is a strong possibility it could soar by 40% to reach the $1.23 level in the coming days.<\/p>\n<\/div>\n

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\n Chandan Gupta<\/p>\n","protected":false},"excerpt":{"rendered":"

ADA, the native token of the Cardano blockchain, has gained significant attention from crypto enthusiasts despite its recent price decline. The altcoin has experienced a price drop of over 30% in the past 48 hours. However, with rising interest from long-term holders and Binance traders, its price appears to be recovering. Today, December 20, 2024<\/p>\n","protected":false},"author":1,"featured_media":813371,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25047,308],"tags":[],"class_list":{"0":"post-813370","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cardano","8":"category-million"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/813370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=813370"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/813370\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/813371"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=813370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=813370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=813370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}