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Billions of Cardano (ADA) Purchased as Bulls Outbid Bears

Mon, 05/15/2023 - 09:44
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Gamza Khanzadaev
Cardano (ADA) enters new week on bullish note
Billions of Cardano (ADA) Purchased as Bulls Outbid Bears
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As became known thanks to data from IntoTheBlock, the last week for Cardano ended in favor of the bulls. This is evidenced by data on purchases and sales of large addresses. It is important to note that only those addresses that traded at least 1% of the multi-million dollar ADA turnover are taken into account when calculating volumes.

Cardano (ADA) Is Bearish, Suggest Majority of On-Chain Indicators

According to the data, sales by the big bears amounted to 158.6 billion ADA in the past week. At the same time, the actions of not-less-significant bulls brought the volume of their purchases to the mark of almost $160 billion. As for the number of such addresses, there is parity between sellers and buyers, 36 against 36.

One could argue that the difference is small. However, it does make it clear that even though the ADA price has lost 18% over the past 30 days, some large capital remains bullish on the Cardano token.

Cardano (ADA) price action

As for the chart, it should be noted that the price of ADA returned to the price range of $0.3 to $0.42. At the moment, Cardano token is trading right in the middle of this range, which does not seem to be the best place to open positions from a risk-reward perspective.

ADA to USD by CoinMarketCap

Cardano (ADA) Price Analysis for May 14

Probably in the period of uncertainty on the crypto market and the weakness that altcoins showed in the second half of autumn, it is better to stay on the sidelines and wait until the ADA price comes to any of the range boundaries.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.