CandleFocus Cardano Bulls Withdraw $100 Million from Exchanges, Hint at Fresh ADA Surge
2024-11-26
Author: Content Editor
Cardano's recent dip below $1 might not be a cause for concern for ADA bulls, as on-chain data suggests they are withdrawing tokens from exchanges, indicating they are not planning to sell and potentially creating upward price pressure. Additionally, the Mean Dollar Invested Age (MDIA) has declined, indicating increased trading activity and potentially easier upward movement for ADA. A bull flag pattern is also forming on the 4-hour ADA chart, which typically signals an upward movement in price after consolidation. If Cardano's price breaks above $1.15, it is likely to rally towards $2, but if selling pressure increases, it could drop to $0.85.
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