Cardano

Delta

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<ul>
 <li><em>ADA’s bounce above $0.6 was viewed with optimism by technical analysts.</em></li>
 <li><em>ADA’s current price was nearly 25% higher than the average price at which all coins were acquired.</em></li>
</ul>
<p><a href="https://ambcrypto.com/search/cardano" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Cardano [ADA]</a>&nbsp;emerged as one of the best-performing large-cap cryptocurrencies lately, with impressive gains of 32% over the last week, according to <a href="https://coinmarketcap.com/currencies/cardano/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>.</p>
<p>After remaining largely contained while the rest of the market was rising, the eighth-largest digital asset found its groove in December, gaining 65% month-to-date (MTD).</p>
<div id="attachment_358926" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADA_1M_graph_coinmarketcap.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358926" decoding="async" class="size-full wp-image-358926" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADA_1M_graph_coinmarketcap.jpg" alt="" width="630" height="380" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADA_1M_graph_coinmarketcap.jpg 630w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADA_1M_graph_coinmarketcap-300x181.jpg 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADA_1M_graph_coinmarketcap-400x240.jpg 400w" sizes="(max-width: 630px) 100vw, 630px"></a>
 <p id="caption-attachment-358926" class="wp-caption-text">Source: CoinMarketCap</p>
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<h4><strong>A lot to cheer for ADA bulls</strong></h4>
<p>During the course, ADA jumped above the key level of $0.6, last visited in June 2022. This was construed as a strong bullish signal by popular technical analyst <a href="https://x.com/ali_charts/status/1735313191981523106?s=20" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Ali Martinez</a>.</p>
<p><span class="css-1qaijid r-bcqeeo r-qvutc0 r-poiln3">Martinez predicted,</span></p>
<blockquote>
 <p><span class="css-1qaijid r-bcqeeo r-qvutc0 r-poiln3">“With no significant resistance barriers in sight, the path looks clear for ADA </span><span class="css-1qaijid r-bcqeeo r-qvutc0 r-poiln3">to move higher.”&nbsp;</span></p>
</blockquote>
<p><span class="css-1qaijid r-bcqeeo r-qvutc0 r-poiln3"> &nbsp;</span>He cited $0.8-$1 as the next big challenge, breaching which would further give credibility to ADA’s bullish narrative.</p>
<h4><strong>Whales not very confident but…</strong></h4>
<p>Interestingly, ADA’s rally caused a dramatic spike in whale activity. As per AMBCrypto’s scrutiny of Santiment data, transactions worth more than $100,000 increased as the coin moved north.</p>
<div id="attachment_358936" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.24.24-15-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358936" decoding="async" class="size-full wp-image-358936" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.24.24-15-Dec-2023.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.24.24-15-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.24.24-15-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.24.24-15-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.24.24-15-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.24.24-15-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.24.24-15-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-358936" class="wp-caption-text">Source: Santiment</p>
</div>
<p>Interestingly, most of the transactions leaned towards selling. After methodically accumulating coins while the prices were low, whales dumped their holdings at the first sign of profits.</p>
<p>Indeed, addresses holding between 1,000 – 1 million coins witnessed a dip since the 5th of December.</p>
<div id="attachment_358937" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.28.00-15-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358937" decoding="async" class="size-full wp-image-358937" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.28.00-15-Dec-2023.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.28.00-15-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.28.00-15-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.28.00-15-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.28.00-15-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.28.00-15-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-13.28.00-15-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-358937" class="wp-caption-text">Source: Santiment</p>
</div>
<p>These liquidations indicated that whales were not very confident about ADA’s short to medium-term prospects.</p>
<p>AMBCrypto’s scrutiny of Hyblock Capital’s Whale vs Retail Delta (WRD) indicator painted a similar story.</p>
<p>Negative values showed that whales had lower long exposure than retail investors, meaning that they weren’t bullish on ADA in the derivatives market.</p>
<p>However, despite the value being negative, the WRD was seen increasing over the past month and a half. This suggested that whales were increasing their long exposure which was a healthy sign.</p>
<div id="attachment_358941" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADAUSDT_2023-12-15_13-41-44.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358941" decoding="async" class="wp-image-358941 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADAUSDT_2023-12-15_13-41-44.png" alt="" width="1320" height="486" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADAUSDT_2023-12-15_13-41-44.png 1320w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADAUSDT_2023-12-15_13-41-44-300x110.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADAUSDT_2023-12-15_13-41-44-1024x377.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADAUSDT_2023-12-15_13-41-44-768x283.png 768w" sizes="(max-width: 1320px) 100vw, 1320px"></a>
 <p id="caption-attachment-358941" class="wp-caption-text">Source: Hyblock Capital</p>
</div>
<h4><strong>Will holders resist temptations?</strong></h4>
<p style="text-align: left;">Meanwhile, most ADA holders were tempted to book profits.</p>
<p style="text-align: left;">The current price was nearly 25% higher than the average price at which all coins were acquired, AMBCrypto’s analysis of Santiment’s MVRV indicator revealed.</p>
<p style="text-align: center;">Read <a href="https://ambcrypto.com/predictions/cardano-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">ADA’s Price Prediction</a>&nbsp;2023-24</p>
<p>Increased profit-taking had the potential to apply brakes on ADA’s momentum.</p>
<p>Having said that, the weighted sentiment continued to move into the positive territory. An optimistic view could restrict investors, allowing ADA to ride higher.</p>
<div id="attachment_358950" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-14.13.11-15-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358950" decoding="async" class="size-full wp-image-358950" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-14.13.11-15-Dec-2023.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-14.13.11-15-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-14.13.11-15-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-14.13.11-15-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-14.13.11-15-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-14.13.11-15-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-14.13.11-15-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-358950" class="wp-caption-text">Source: Santiment</p>
</div>

Cardano’s price pumps 32% in 7 days – Will profit taking break the prediction?

AMBCrypto

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