CandleFocus $164 Million Cardano (ADA) Outflow, Buy Opportunity?
2024-12-20
Author: Content Editor
Despite a recent price decline of over 30%, ADA, the native token of the Cardano blockchain, is gaining attention from crypto enthusiasts. Exchanges have recorded a significant outflow of $163.85 million worth of ADA to long-term holders' wallet addresses, suggesting potential upside momentum. Traders' interest is also increasing, with ADA futures open interest soaring by 4.5% in the past four hours. ADA is currently trading near $0.887 and has experienced a 1.9% price decline in the past 24 hours. However, with rising interest from traders and long-term holders, there is a possibility that the price could soar by 40% to reach $1.23 if it holds above the $0.80 level.
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