Cardano’s native cryptocurrency ADA is finally experience a resurgence of bullish demand. While this is not the first time it has done so
Cardano is already off to a healthy bullish attempt, judging by its $0.26 press time price, which represents an 8% rally from the support level.. While this is not the first time it has done so in the last few months, there were signs that ADA might attempt a substantial rally this time.
ADA’s latest bullish attempt may spell excitement for holders, and for one major reason. The cryptocurrency recently bottomed out at $0.23 on 19 October, which is the lowest price that the digital coin has achieved so far this month.ADA is already off to a healthy bullish attempt, judging by its $0.26 press time price, which represented an 8% rally from the support level.
Addresses holding between 10 million and 1 billion coins have been accumulating over the last four weeks. The same addresses hold most of ADA’s circulating supply and have thus been contributing to bullish momentum.Addresses in the 100 million to 1 billion bracket have been the most noteworthy bullish proponents recently. The same addresses registered a large spike in number of coins held, hence confirming strong accumulation in the last few days.
ADA’s mean coin age showed steady upside in the last four weeks, confirming the same whale activity. Its market cap also bounced by almost $800 million in the last few days, which confirmed a strong influx of liquidity.Despite these findings, ADA’s on-chain volume remained within the normal range. Perhaps this is an indicator that retail buyers have yet to exercise their full
If that is the case, then we will likely witness more bullish momentum in the coming days if the retail participants jump on board.Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.