The post Cardano (ADA) Price Stabilizes After Recent Whale Activity appeared on BitcoinEthereumNews.com.

Cardano (ADA) price has surged 52% in the last seven days, but has seen a pullback of over 5% in the past 24 hours. Despite the recent rally, there are signs that the current uptrend might be losing momentum. Indicators such as ADX and whale activity suggest that while ADA remains in a positive trend, its strength is weakening. This points to a critical phase where ADA will either find renewed momentum or face a potential reversal. ADA Current Trend Is Still Pretty Strong, But It’s Losing Steam The ADX (Average Directional Index) for ADA currently stands at 45.02, a drop from nearly 70 just two days ago. This decline in ADX indicates a weakening of the trend strength, suggesting that the previous momentum might be losing steam. While ADA price remains in an uptrend, the decrease in ADX signals that the pace of the upward movement may be slowing down, even though the trend direction itself hasn’t reversed. ADA ADX. Source: TradingView The ADX is a technical indicator used to measure the strength of a trend, without specifying its direction. Typically, an ADX above 25 is considered a strong trend, while anything below that suggests a weaker trend. With ADA’s ADX at 45.02, the trend is still quite strong, but the recent decline from higher levels suggests caution. Cardano Whales Are Back The number of addresses holding between 1,000,000 and 10,000,000 ADA remained stable from October through early November but started to grow again on November 8. Since then, these large wallets have increased from 2,432 to 2,451. This surge in accumulation was followed by a stabilization phase between November 11 and November 13, indicating that the recent buying activity might have reached a plateau. ADA Addresses Holding Between 1,000,000 and 10,000,000. Source: Santiment Tracking these large addresses, often…

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Filed under: News - @ November 14, 2024 1:22 am