The post Cardano turns bullish on-chain – Buy signal for ADA? appeared on BitcoinEthereumNews.com.

contributor Posted: September 19, 2024 On the 17th of September, ADA whales moved a significant 19.5 billion ADA tokens. ADA could rise by 20% to the $0.42 level if it closes a weekly candle above the $0.35 level. The overall market sentiment is currently bearish, while Cardano [ADA] on-chain data, such as the Long/Short ratio, Futures Open Interest, and OI-Weighted Funding Rate are flashing bullish signals. Despite these bullish on-chain metrics, ADA struggled to gain momentum, having experienced a price decline of 1% over the past 24 hours.  ADA looks bullish, on-chain According to the on-chain analytics firm Coinglass, ADA’s Long/Short Ratio was $1.0167 at press time, indicating bullish market sentiment among traders. Its Futures Open Interest increased by 3% in the last 24 hours and has been steadily rising since the beginning of September 2024. Source: Coinglass Traders and investors often used the combination of rising Open Interest and a Long/Short Ratio value above 1 to build their position.  Based on the data, if the Long/Short Ratio is above 1 and Open Interest is increasing, it suggested that traders were potentially building long positions. Conversely, if Open Interest is rising and the Long/Short Ratio was below 1, indicated that short sellers were betting more on short positions. Source: Coinglass At press time, 51.2% of top traders held long positions, while 48.8% hold short positions, indicating a bullish outlook for ADA. Additionally, ADA’s OI-Weighted Funding Rate was positive, which further suggested a bullish sentiment for the asset. Source: Coinglass Whales recent activity This bullish outlook is potentially due to recent whale activity. On the 17th of September, ADA whales moved a significant 19.5 billion ADA tokens, worth $6.48 billion, according to the on-chain analytic firm IntoTheBlock.  Additionally, the large transactions (value above $100,000) increased by 10% on the same day.…

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Filed under: News - @ September 19, 2024 12:14 am