- ADA’s whale activity jumped on 5th June.
- This caused a brief uptick in the altcoin’s price.
Cardano [ADA] saw a spike in whale activity, resulting in a brief surge in its price during the intraday trading session on 5th June, according to Santiment’s data.
According to the on-chain data provider, the number of ADA transactions valued above $1 million totaled 309 on that day. This represented the altcoin’s single-day highest count since 30th April.
Also, ADA recorded 2106 transactions worth more than $100,000 on the same day. Data from Santiment showed that the number of ADA transactions valued above $100,000 had doubled this week compared to the usual 2024 averages.
Source: Santiment
ADA bears continue to dominate the market
The surge in ADA whale activity led to a brief rise in its price during the trading period. Per Santiment, ADA closed the day at $0.46.
However, according to CoinMarketCap data, the coin has since shed some of these gains. It exchanged hands at $0.45 at press time.
An assessment of the altcoin’s key momentum indicators showed that ADA’s selling pressure outweighs any bullish bias toward it. For example, its Relative Strength Index (RSI) and its Money Flow Index (MFI) were 48.32 and 47.29, respectively at the time of writing.
At these values, these indicators suggested that market participants preferred to sell their coins rather than accumulate new ones.
Further, ADA’s declining Chaikin Money Flow (CMF) confirmed the uptick in selling pressure. At press time, it trended downward and was positioned below the zero line at -0.07.
This indicator tracks how money flows into and out of the coin’s market. When its value is negative, it is a sign of market weakness, as it signals capital flight from an asset’s market.
While the whales may have successfully triggered a brief rally in ADA’s price, the bears continue to exert more influence.
Readings from the altcoin’s Directional Movement Index (DMI) showed its positive directional index (green) resting below its negative index.
When these lines are arranged this way, bear strength outweighs bull power in the market.
Source: ADA/USDT, TradingView
Despite the low possibility of any significant price spike in the short term, ADA futures traders have maintained a bullish outlook. The coin’s funding rate across cryptocurrency exchanges has remained positive.
Source: Coinglass
Read Cardano’s [ADA] Price Prediction 2023-24
Funding rates are used in perpetual futures contracts to ensure the contract price stays close to the spot price.
When an asset’s futures funding rate is positive, it is a bullish signal. It suggests that there is more demand for long positions, as more traders are buying the asset with the expectation that its price will climb.
- ADA’s whale activity jumped on 5th June.
- This caused a brief uptick in the altcoin’s price.
Cardano [ADA] saw a spike in whale activity, resulting in a brief surge in its price during the intraday trading session on 5th June, according to Santiment’s data.
According to the on-chain data provider, the number of ADA transactions valued above $1 million totaled 309 on that day. This represented the altcoin’s single-day highest count since 30th April.
Also, ADA recorded 2106 transactions worth more than $100,000 on the same day. Data from Santiment showed that the number of ADA transactions valued above $100,000 had doubled this week compared to the usual 2024 averages.
Source: Santiment
ADA bears continue to dominate the market
The surge in ADA whale activity led to a brief rise in its price during the trading period. Per Santiment, ADA closed the day at $0.46.
However, according to CoinMarketCap data, the coin has since shed some of these gains. It exchanged hands at $0.45 at press time.
An assessment of the altcoin’s key momentum indicators showed that ADA’s selling pressure outweighs any bullish bias toward it. For example, its Relative Strength Index (RSI) and its Money Flow Index (MFI) were 48.32 and 47.29, respectively at the time of writing.
At these values, these indicators suggested that market participants preferred to sell their coins rather than accumulate new ones.
Further, ADA’s declining Chaikin Money Flow (CMF) confirmed the uptick in selling pressure. At press time, it trended downward and was positioned below the zero line at -0.07.
This indicator tracks how money flows into and out of the coin’s market. When its value is negative, it is a sign of market weakness, as it signals capital flight from an asset’s market.
While the whales may have successfully triggered a brief rally in ADA’s price, the bears continue to exert more influence.
Readings from the altcoin’s Directional Movement Index (DMI) showed its positive directional index (green) resting below its negative index.
When these lines are arranged this way, bear strength outweighs bull power in the market.
Source: ADA/USDT, TradingView
Despite the low possibility of any significant price spike in the short term, ADA futures traders have maintained a bullish outlook. The coin’s funding rate across cryptocurrency exchanges has remained positive.
Source: Coinglass
Read Cardano’s [ADA] Price Prediction 2023-24
Funding rates are used in perpetual futures contracts to ensure the contract price stays close to the spot price.
When an asset’s futures funding rate is positive, it is a bullish signal. It suggests that there is more demand for long positions, as more traders are buying the asset with the expectation that its price will climb.
buy clomiphene price buy cheap clomid tablets can i get cheap clomiphene without prescription get generic clomid online can i order clomid without insurance clomid medication for women clomiphene uses
This is the type of delivery I recoup helpful.
Thanks an eye to sharing. It’s outstrip quality.
order zithromax 500mg online cheap – order generic tinidazole order metronidazole 400mg without prescription
domperidone 10mg uk – cyclobenzaprine generic order flexeril 15mg online cheap
brand augmentin 1000mg – atbioinfo brand acillin
esomeprazole canada – anexa mate buy nexium online cheap
buy coumadin 5mg online cheap – anticoagulant losartan usa
order mobic 15mg sale – https://moboxsin.com/ order mobic 7.5mg
ed pills – ed pills that really work mens ed pills
buy amoxil no prescription – combamoxi.com purchase amoxil generic
order forcan – on this site where to buy fluconazole without a prescription
order cenforce 50mg without prescription – cenforcers.com purchase cenforce online
cialis blood pressure – uses for cialis cheap cialis dapoxitine cheap online
zantac oral – aranitidine zantac 300mg uk
cialis free trial voucher – https://strongtadafl.com/ cialis from canada
This is the description of topic I have reading. https://gnolvade.com/
buy cheap viagra with mastercard – on this site generic viagra 50mg
I couldn’t hold back commenting. Profoundly written! azithromycin 250mg uk
This is the type of enter I find helpful. https://ursxdol.com/propecia-tablets-online/
The depth in this tune is exceptional. https://prohnrg.com/product/rosuvastatin-for-sale/
The depth in this ruined is exceptional. aranitidine.com
With thanks. Loads of conception! https://ondactone.com/simvastatin/
This is the big-hearted of scribble literary works I positively appreciate.
https://doxycyclinege.com/pro/spironolactone/
This is the type of post I unearth helpful. http://sols9.com/batheo/Forum/User-Crpake
buy orlistat pill – https://asacostat.com/ xenical cheap
This website exceedingly has all of the low-down and facts I needed adjacent to this participant and didn’t know who to ask. http://3ak.cn/home.php?mod=space&uid=230347