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Cardano (ADA) market is currently witnessing a tug-of-war between holders in profit and those at a loss, which could lead to a period of stagnation in ADA prices. Since the beginning of March, there has been a significant decrease in the number of transactions exceeding $100,000, which may indicate a slowdown in high-value activities within the ADA ecosystem.
Detailed Analysis of ADA
However, strong support levels might lay the groundwork for ADA to initiate a new phase of upward momentum. A detailed analysis report over the past three months reveals a clear correlation between ADA’s high-value transactions and its market price. We are particularly looking at transactions exceeding $100,000. However, this pattern has recently taken an interesting turn.
In the last few days, as ADA’s price began to rise, the volume of whale transactions changed. It dropped from 1,192 transactions on March 6 to 953 by March 14. This indicates a significant 20% decrease in just one week. It serves as an effective measure to understand investor behavior related to ADA. A trend was evident over the last quarter. As transactions over $100,000 increased, the ADA price reflected this growth.
On-Chain Data for ADA
This model could indicate strong investor confidence linked to transaction volumes. However, this correlation faced a deviation previously in November 2023. ADA prices entered a stagnant phase for 15 days during that period. After this stagnation, a notable rise occurred. The cryptocurrency’s price surged by 41% in just five days.
Examining ADA’s current state through the lens of address profitability offers a fascinating snapshot. Considering ADA’s current price, which addresses are profitable and which are at a loss can reveal interesting dynamics. Currently, the majority of ADA holders, or 54.85%, find themselves in an uptrend and enjoying profitability. Analysis of ADA’s price entry/exit graph could indicate strong support around $0.72, followed by another support at $0.70. If ADA cannot hold these support zones, it may continue to fall to as low as $0.63.
