The post Cardano (ADA) Skyrocketing 393% in Netflows as Whales Commit to Fresh Move appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Cardano (ADA), the ninth largest cryptocurrency by market capitalization, has seen a surge in Large Holder Netflows, an indicator that estimates changes in the positions of whales, this week. According to IntoTheBlock, Cardano Large Holder Netflows have skyrocketed 393%. This remains significant as a positive large holder netflow might imply accumulation from large holders, or whales. This appears to be the case as ADA rallied for seven straight days in the past week. The broader cryptocurrency market’s positive momentum has benefited ADA, which has reached multi-month highs. ADA surged to highs of $0.659 on Sunday, a level last reached in March this year. Related Whales might be making strategic moves to accumulate ADA at current levels, possibly in anticipation of upcoming developments within the Cardano ecosystem. This trend suggests that large investors might be positioning themselves for potential future gains, reflecting bullish sentiment toward Cardano’s prospects. At the time of writing, ADA was down 2.06% in the last 24 hours to $0.581 as the crypto market hit a pause on its rocketing rally that began a week ago, albeit higher by 74% weekly. What’s next for ADA price? Across the crypto market, bulls took a slight breather in Tuesday’s session, with Cardano dipping to lows of $0.556 after reaching a high of $0.654. ADA/USD Daily Chart, Courtesy:…

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Filed under: News - @ November 14, 2024 4:15 am