Flow

Cardano

MN Coin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardano-ada-sees-surge-in-whale-activity-despite-price-stagnation/" data-wpel-link="internal">Cardano (ADA) Sees Surge in Whale Activity Despite Price Stagnation</a><br></p>
<p style="text-align: justify"><strong>Cardano (<a href="https://en.coin-turk.com/cardano-ada-under-pressure-amid-sec-actions-an-analysis/" data-wpel-link="internal">ADA</a>)</strong> has seen an increase in whale activity over the past few months. On-chain data provider IntoTheBlock reported on January 18 that ADA’s daily whale transactions averaged $13 billion.</p> 
<h2 id="effects-of-ada-s-etf-approval">Effects of ADA’s ETF Approval</h2> 
<p style="text-align: justify">The data provider added that this is 160% more than Ethereum’s (ETH) daily $5 billion whale transaction volume. Despite the flurry of whale activity, ADA’s price has refused to change significantly. At the time of writing, it was trading at $0.49, having decreased by 19% over the past month.</p> 
<p style="text-align: justify">According to data from the website 21milyon.com, ADA’s price fell by 15% just last week. ADA has returned to its pre-ETF approval price level with its current value. Following the general altcoin market rise due to the Bitcoin Spot ETF approval on January 10, ADA’s price quickly rose to $0.61 on January 11, marking a 21% increase.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-304702 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/santiment-5.png" alt="" width="2048" height="693"></p> 
<h2 id="current-data-on-cardano">Current Data on Cardano</h2> 
<p style="text-align: justify">However, as the excitement over the ETF approval waned, ADA’s rise, which was not supported by a real demand for the cryptocurrency, initiated a reversal. ADA’s price has dropped by 20% since January 11. A clear indicator of the decrease in demand for ADA was the basic momentum indicators observed on the 24-hour chart. At the time of writing, the token’s Relative Strength Index (RSI) and Money Flow Index (MFI) were fixed below their respective central lines.</p> 
<p style="text-align: justify">ADA’s RSI was in a downtrend at 41.11, and its MFI was at 48.53. At these values, these indicators showed that coin sales were accumulating. The Chaikin Money Flow (CMF), signaling an increase in liquidity outflow from ADA’s spot market, was at -0.04. A CMF value below zero indicates capital withdrawal, a sign of weakness in the market, known to create downward pressure on a token’s price. ADA’s low price movement since the beginning of the year has resulted in a negative Market Value to Realized Value (MVRV) ratio since January 4. This could mean that most ADA investors are holding their coins at unrealized losses.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cardano-ada-sees-surge-in-whale-activity-despite-price-stagnation/" data-wpel-link="internal">Cardano (ADA) Sees Surge in Whale Activity Despite Price Stagnation</a></h5>

Cardano (ADA) Sees Surge in Whale Activity Despite Price Stagnation

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